Technical analysis of EUR/JPY for July 22, 2014 Trend News

The hourly oscillators favor the pullback mode. The pair is holding above the hourly moving averages. In Asia's session, it is facing resistance at 137.39-137.45. Fresh buyers can buy above 137.50 with targets at 137.75 and 138 levels. On the down side, the pair has support at 137 and 136.85 levels. Below 136.85, the pair looks weak. On the down side, the pair has weekly support at 136.20/136 levels. A day close below 136, it can drift up to 134 levels.

A day close above 137.75, the pair can fly up to 138.50 on a positional basis.

Intraday buying is only above 137.50 with targets at 138, 138.25, 138.40 and 138.50.

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Technical analysis of GBP/JPY for July 22, 2014 Trend News

The pair held the 50 DSma and started moving a bit higher. In the hourly chart, the pair is trading above 21Hr Sma and 35 HDema that is a good part. It has strong resistance at 173.60 (34Hr Sma). If the pair manages to breach above 173.60, it can fly up to 173.80 and 174.15 levels. On a positional basis, until the pair trades below 174.55, selling on an up move will mint the money. The hourly momentum oscillators favor the pair not to look back to the lower levels.

The weekly trading range is framed between 173.80-172.60. On the upside, if the pair breaches 173.80, it can fly up to 174.55 on a positional basis. For the rest of the month, the trading pattern is framed between 174.55-172.30 levels.

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Technical analysis of EUR/USD for July 22, 2014 Trend News

When the European market opens, there is no economic news to be released today. The US will release the economic data such as the Core CPI m/m, CPI m/m, HPI m/m, Existing Home Sales, Richmond Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3588.

Strong Resistance:1.3580.

Original Resistance: 1.3567.

Inner Sell Area: 1.3554.

Target Inner Area: 1.3522.

Inner Buy Area: 1.3490.

Original Support: 1.3477.

Strong Support: 1.3464.

Breakout SELL Level: 1.3456.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3477 and 1.3567. The rate is accompanied by strong support at 1.3464 and by 1.3580 as strong resistance.

If EUR/USD breaks out and closes below the 1.3456 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3588 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 1.3490 and at 1.3554, a SELL position. In this case both targets should be placed at the level of 1.3522. 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 22, 2014 Trend News

In Asia, Japan will release the All Industries Activity m/m, and the US will release some economic data such as Core CPI m/m, CPI m/m, HPI m/m, Existing Home Sales, Richmond Manufacturing Index. 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: 101.98.

Resistance. 2: 101.79.

Resistance. 1: 101.58.

Support. 1: 101.33.

Support. 2: 101.13.

Support. 3: 100.93. DESCRIPTION:

Please, pay attention to the levels of support 3 (100.93) and resistance 3 (101.98). 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 Silver for July 22, 2014 Trend News

Technical outlook and chart setups:

1. Silver still holds the sub $21.00 levels as seen here. The metal still needs to correct lower towards $20.00 and $19.60 levels before the uptrend could resume. Recommendations are to remain flat for now.

2. Support is seen at $20.00 levels, followed by $19.60, $18.60 and lower while resistance is seen at $21.40/70, followed by $22.30 and higher respectively.

3. The structure indicates that Silver correction could continue towards $20.00 levels for now.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for July 22, 2014 Trend News

The metal is supported by geopolitical concerns and it rolled towards 20DSma. From last two days, the metal is facing at 20 DSma on closing basis, but yesterday it exactly rejected at 20 DSma $1,318.50 levels. The metal trading pattern is framed between 20-30 DSma $1,318.50-$1,304 levels. If the metal closes above $1,318.50, we can see $1,324 and $1,334 levels. Safe positional traders can buy above $1,324.50 for targets $1,334 and $1,335 levels.

Support: $1,304, $1,302.50, $1,293.50.

Resistance: $1,318, $1,324.50, $1,339.50.

For an hourly basis, the metal is trading above the hourly moving averages. The metal has support at $1,310 (14hr low) and $1,306.50. Until the pair holds $1,310, we can see an upside target at $1,314, $1,315.50 and $1,318 levels, cmp $1,311.50. If the metal breaks the $1,310 levels, it can try to take support at $1,309 and $1,306 levels.

Below $1,306, the last intraday hope is located atn $1,304 levels.

Below $1,304, it can fall up to $1,300, $1,297.50 and $1,293.50 levels.

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Technical analysis of GBP/USD for July 22, 2014 Trend News

GBP/USD

The cable is facing resistance at 20 DSma. In yesterday's session, the pair touched the 20DSma and moved to lower levels. In toady's session, the pair opened on a mild bearish note, higher at 1.7076 levels. The pair looks weak until it trades below that. The pair has strong support at 1.7037-1.70 levels. A break below 1.70, the cable will fall to 1.6950, 1.6923 and 1.6880 levels. A day close below 1.6950 levels, the short-term trend turns to bearish. If the pair manages to sustain above 1.72, fresh longs will be triggered towards 1.7330 levels.

Support 1.70, 1.6950

Resistance 1.71, 1.72

For an intraday basis, the cable is trading below the hourly moving averages. The pair has support at 1.7070, 1.7056 (9hr low). On the high side, it has resistance at 1.7085, 1.7096 and 1.71040 levels. We recommend to go long only above 1.7104 for targets at 1.7133, 1.7144, 1.7150 and 1.7166 levels.

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Daily analysis of USDX for July 22, 2014 Trend News

Daily chart: The USDX remains strong in the bullish trend, because its is above the 200-day moving average, where the USDX is trying to form a bullish pattern. If the USDX manages to consolidate above the 80.62 level, it is expected to rise to the level of 81.05 in the medium term. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to make a breakout on the resistance level of 80.60, so the next target would be the level of 81.02. However, it is very likely that the USDX make a pullback, although the USDX remains very strong even in the bullish bias. The MACD indicator is in negative territory.

H1 chart: The USDX continues to find resistance at the 80.59 level, while the USDX remains robust in the bullish trend, because the 200-day moving average is below the current price of the USDX. However, if the USDX does make a bearish rebound, next target would be the support level of 80.35. The MACD indicator is entering negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the support level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.

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Daily analysis of GBP/USD for July 22, 2014 Trend News

Daily chart: The GBP/USD continues to weaken and the support level of 1.7000 is increasingly close to this pair, so it is advisable to follow the bearish bias on GBP/USD. However, we must stress that this pair could begin to form a bearish pattern to try and make a breakout at the support level. The MACD indicator is in negative territory.

H4 chart: This pair continues to find support on the level of 1.7062. However, the GBP/USD could perform a breakout at that level and fall to the support level of 1.6995, a level that is below the 200 SMA. MACD indicator remains in negative territory, but is entering neutral territory.

H1 chart: The GBP/USD had no major changes during yesterday's session, because this pair is moving within a range below the 200 SMA and the resistance level of 1.7100. If GBP/USD manages to make a breakout at the support level of 1.7050, it's expected to fall to the level of 1.7000, leading the pair to stay strong in the bearish trend for several days more. The MACD indicator is in neutral 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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Gold wave analysis for July 22, 2014 Trend News

Gold price did not move a lot today. Volatility was low and price remained between the short-term support and resistance levels of the Ichimoku cloud. My longer-term view remains bearish. I still believe that we have completed wave E of wave 4 and that we have started a new downward impulsive move down.

Gold price remains below the short-term Ichimoku cloud. Price still below the 61.8% Fibonacci retracement resistance and I believe there is increased probability to see a downward move towards $1,290 than an upward break out. Resistance is found at $1,320 and at $1,325. Support is found at $1,302 and at $1,290.

The daily chart shows that price is supported by the Ichimoku cloud and that important support is found at $1,280 and $1,250. However, according to my elliott wave count, I expect these support levels to be broken as I believe wave E of the triangle wave 4 has been completed at $1,346. Daily support is found at $1,300 and daily resistance, at $1,319. Breaking either level on a daily basis will give us more signs for the next big move in Gold price.

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Intraday technical levels and trading recommendations on EUR/USD for July 21, 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 then successive bearish engulfing candlesticks originated off this price zone.

Bearish pressure which originated off 1.3650 has been applying pressure on 1.3560 (the key level corresponding to the previous prominent bottom) for two days resulting in a daily closure below this price level exposing 1.3500 for retesting.

Bullish fixation above 1.3560 then 1.3640 is a must to pursue towards further bullish targets.

As long as the bulls keep defending the demand zone between 1.3500-1.3475, the bullish momentum is most likely to pursue towards further targets.

On the other hand, breakdown of 1.3500 invalidates the bullish structure allowing the bears to pursue initially towards the price level 1.3420.

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

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Technical analysis of USD/JPY for July 21, 2014 Trend News

Overview:

USD/JPY is expected to consolidate in a higher range after hitting a six-day low at 101.09 on Friday. Liquidity was thin in Asia Monday as financial markets in Japan were shut for a public holiday. USD/JPY is supported by the yen-funded carry trades amid improved risk appetite (VIX fear gauge eased 17.06% to 12.06) as investors take into account geopolitical tensions as well as U.S. stocks rallied Friday (S&P 500 closed up 1.03% at 1,978.22). USD/JPY is also supported by the sell-yen orders from Japanese importers and higher U.S. Treasury yields. But USD/JPY gains are tempered by the buy-yen orders from Japanese exporters and a weaker USD sentiment on surprise drop in University of Michigan preliminary consumer sentiment index to 81.3 in July from final 82.5 in June (versus forecast for rise to 83.0) and smaller-than-expected 0.3% rise in Conference Board U.S. June index of leading economic indicators (versus +0.5% forecast).

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

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 101.05. A break of this target will move the pair further downwards to 100.80. The pivot point stands at 101.45. 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 101.60 and the second target at 101.60.

Resistance levels:

101.60

101.80

102.05

Support levels:

101.05

100.80

100.60

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USD/CAD intraday technical levels and trading recommendations for July 21, 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 was able to resume the ongoing bearish momentum when bearish breakout took place 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. 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 downtrending for a long period. The downtrend could resumed anytime.

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Technical analysis of USD/CHF for July 21, 2014 Trend News

Overview:

USD/CHF is expected to consolidate after hitting a one-month high at 0.9004 on Friday. It is undermined by a weaker USD sentiment. But USD/CHF downside is limited by the franc sales on buoyant EUR/CHF cross and dovish Swiss National Bank's monetary policy. The daily chart is mixed as MACD is bullish, a five-day moving average is above 1a 5-day MA and is advancing, but stochastics is turning bearish to the overbought zone.

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9 and the second target at 0.9015. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8935. A break of this target would push the pair further downwards and one may expect the second target at 0.8910. The pivot point is at 0.8965.

Resistance levels:

0.9

0.9015

0.9040



Support levels:

0.8935

0.8910

0.8895

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GBP/USD intraday technical levels and trading recommendations for July 21, 2014 Trend News

Bullish breakout above the DAILY bearish channel took place exposing the price levels around 1.6985, 1.6900 and 1.7000 as projection targets.

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 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 the key level to determine how deep a bearish correction can go before resuming the bullish momentum.

The GBP/USD pair remains trapped roughly between 1.7170 and 1.7050 ( which is being tested today ). Breakout in either direction is needed to pursue towards further targets.

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Technical analysis of NZD/USD for July 21, 2014 Trend News

Overview:

NZD/USD is expected to trade in a higher range. It is supported by the Kiwi demand on NZD/JPY cross amid reduced risk aversion, weaker USD sentiment, and NZD-USD interest differential. But NZD/USD gains are tempered by the recent soft New Zealand 2Q CPI data, weak dairy prices and Kiwi sales on buoyant AUD/NZD cross. The daily chart is still negative biased as MACD and stochastics are in bearish mode; five-day moving average is below a 15-day MA and is declining.

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.8720 and the second target at 0.8745. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8640. A break of this target would push the pair further downwards and one may expect the second target at 0.86. The pivot point is at 0.8670.

Resistance levels:

0.8720

0.8745

0.8785

Support levels:

0.8640

0.86

0.8575

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Technical analysis of GBPJPY for July 21, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with risks skewed higher. It is supported by the improved risk sentiment and buy EUR orders from Japanese importers. But GBP/JPY gains are tempered by the sell-EUR orders from Japanese export sales. The daily chart is negative-biased as MACD and stochastics are bearish, although the latter is nearly oversold; 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 172.60. A break of this target will move the pair further downwards to 172.35. The pivot point stands at 173.25. 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 173.55 and the second target at 174.10.

Resistance levels:

173.55

174.10

174.55

Support levels:

172.60

172.35

172

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Technical analysis of EUR/JPY for July 21, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is turning back just ahead of major support at the 136.50 levels as seen here. The pair could rally through the 138.20 region before resuming the downward trend. Recommendations are to remain flat and look to sell higher up or initiate long positions, risk at 136.50.

2. Support is seen at 136.50, followed by 134.00 and lower while resistance is seen at 139.20 levels, followed by 140.00, 141.00 and higher up respectively.

3. The structure indicates that EUR/JPY could produce a short-term rally, before moving lower.

Trading recommendations:

Remain flat and look to sell higher.

Good luck!

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Technical analysis of GBP/CHF for July 21, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has pulled off highs from 1.5400 levels on Friday as expected. The pair is still expected to continue drifting lower towards at least the 1.5270/80 levels, if not lower. A break below the trend line and subsequently 1.5225 would be extremely bearish for the pair.

2. Support is seen at 1.5220/30, followed by 1.5150, 1.4950, 1.4780 and lower while resistance is seen at 1.5400 respectively.

3. The structure indicates that GBP/CHF needs to break 1.5225 at least to turn bearish.

Trading recommendations:

Remain short, stop above 1.5450, the target is open.

Good luck!

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Technical analysis of Silver for July 21, 2014 Trend News

Technical outlook and chart setups:

1. Silver is about to accelerate its corrective fall towards $20.00 and $19.60 levels. As seen here, an engulfing bearish candlestick signal is being produced on 4H chart indicating that the next move could be lower.

2. Support is seen at $20.00, followed by $19.60, $18.60 and lower, while resistance is seen at $21.40/50, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver is to buy on dips around $19.60.

Trading recommendations:

Remain flat for now. Look to go long around $19.60.

Good luck!

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Technical analysis of Gold for July 21, 2014 Trend News

Technical outlook and chart setups:

1. Gold might have formed an intermediary top at the $1,324.00/25.00 levels last week. The next probable move could be lower from here on, potentially towards $1,280.00/90.00. A push through $1,325.00 should see $1,332.00/34.00 tested before pullback.

2. Support is at $1,290.00/80.00 (fibonacci), followed by $1,260.00, $1,240.00/30.00 and lower while resistance is seen at $1,340.00/50, followed by $1,388.00 and higher up respectively.

3. The structure indicates that Gold is falling in a corrective manner and should resume the upward trend.

Trading recommendations:

Remain flat for now. Look to go long lower around $1,280.00.

Good luck!

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Daily analysis of GBP/JPY for July 21, 2014 Trend News

In 4H chart, closing below the Resistance level of 173.30 gave the price an opportunity for a slightly bearish move again. As it is shown here, currently the price is trying to continue its bearish move by breaking the Support level of 172.75 and closing 4H below keeping its move inside the bullish channel. In that case, we may get another opportunity for more sell signals and it opens the way towards 172.30 as the first target. Then, the price should test the Support level to continue its bearish move. But as long as the price stabilizes above the Support level of 172.75, it cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (173.75), R1 (173.30), S1 (172.75), S2 (172.30), S3(169.90)

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EUR/NZD analysis for July 21, 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 1.5519 in a volume just above average according to the daily chart. We can observe rejection from our Fibonacci retracement 61.8% at the price of 1.5615. Be careful when buying and watch for potential selling opportunities. The third major short-term downstation is still at the price of 1.5335 (Fibonacci expansion 161.8%). I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 61.8% at the price of 1.5460.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5611

R2: 1.5628

R3: 1.5657

Support levels:

S1: 1.5554

S2: 1.5537

S3: 1.5509

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 21, 2014 Trend News

Overview

From the today's H4 chart, the metal failed to break the Support level of 20.75 to bounce again from it and trade between the Support level and the Resistance level of 21.00. Currently, the metal is retesting the Resistance level of 21.00. Therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 21.20, then the second target of 21.50 after breaking this Support level. But as long as silver is trading below 21.00, waiting would be prefered in that case and cancels the bullish move scenario.

Resistance and support levels: R3 (21.50), R2 (21.20), R1 (21.00), S1 (20.75), S2 (20.50), S3(20.20)

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Gold analysis for July 21, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,318.17 in a volume below average according to the 4H timeframe. According to the daily timeframe, we can observe supply in a volume above average as well as testing our Fibonacci retracement 61.8% at the price of 1,324.70. We can observe strong buying climax in the background according to the 4H timframe. Gold is now in a bullish corrective phase. I have placed Fibonacci expansion to find potential resistance and I got Fibonacci expansion 61.8% at the price of 1,323.00 and Fibonacci expansion 100% at the price of 1,336.00. Support level is still around the price of 1,291.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,312.42

R2: 1,313.02

R3: 1,307.97

Support levels:

S1: 1,310.52

S2: 1,309.92

S3: 1,308.97

Trading recommendations: Be careful with buying and watch for potential selling opportunities after retracement.

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Technical analysis of USD/CAD for July 21, 2014 Trend News

General overview for 21/07/2014 14:45 CET

The impulsive wave progression is developing rather slowly in this market but current labeling suggest more immediate downside risk as the possibility of wave three is very high. Any breakout below the level of 1.0711 confirms this view and lower levels should be expected then. Nevertheless, any breakout higher above the key level invalidates the main bearish impulsive count. The last swing high at the level of 1.0794 might be tested again. Please, notice that the medium outlook remains bearish and only a sustained violation of the level of 1.0794 invalidates this view.

Support/Resistance:

1.0794 - Swing High

1.0775 - WR1

1.0765 - Intraday Resistance

1.0741 - Weekly Pivot

1.0726 - Intraday Support

1.0695 - Techncial Support

Trading recommendations:

Swing and day traders should keep the short positions open with SL above the level of 1.0794 and TP below the level of 1.0625.

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Technical analysis of EUR/JPY for July 21, 2014 Trend News

General overview for 21/07/2014 14:25 CET

The market is still in a consolidation cycle that can be either green wave b of bigger cycle purple wave 2, or wave alt.(iv) green that is a part of an unfinished wave 1 purple. The key level main count is currently at the level of 137.28. Any breakout higher means the main count is valid and the market is going to complete green wave c of purple correction 2. On the other hand, the target for green wave alt.(v) is at the level of 136.07, where several technical supports and projection levels confluence.

Support/Resistance:

139.05 - WR2

138.43 - Wave 4 Top

137.91 - WR1

137.48 - 137.63 - Techncial Resistance

137.32 - Weekly Pivot

137.28 - Intraday Resistance

136.76 - Intraday Support

136.17 - WS1

136.07 - Wave alt.(v) Target Level

Trading recommendations:

Day traders should keep an eye on the key level zone, because any breakout higher invalidates the alternate count. This means long positions are advised only if the weekly pivot level is broken. Nevertheless, the medium term outlook remains bearish.

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Weekly technical levels of EUR/USD for July 21-25, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Trading recommendations :

• According to the previous events, the price of the EUR/USD pair is going to move between the levels of 1.3470 and 1.3560.


• The resistance has already set at the level of 1.3611 and the support stood at the price of 1.3462.


• So, we expect a range about 149 pips this week.


• Additionally, it should be noted that if the trend is ascending, then the strength of the currency will be defined as follows: EUR is in the uptrend and USD is in the downtrend.


• Therefore, it will be of the insight to sell in this area (1.3611) with the first target at 1.3508, then the price will be able to continue in the downtrend towards 1.3562 in order to try to break the weekly support one.


• On the other hand, the stop losses should be placed above the double top 1.3639.

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Weekly technical levels of GBP/USD for July 21-25, 2014 Trend News

Weekly technical levels of the GBP/USD pair.

General idea about the pivot point.

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement. It is also referred to as breakout.

Pivot point formula :

• Pivot point = (high (previous) + low (previous) + close (previous)) / 3

Observations :

• We expect a new range about 160 pips this week.


• The key level will set at the level of 1.7103 which represents the weekly pivot point for July 21-25, 2014.


• The support of the GBP/USD pair has already set at 1.7016. Moreover, the weekly support 1 will set at the same level.


• If the trend fails to close below the level of 1.7010, it will be a good opportunity to buy above 1.7020 with the first target at 1.71. Then, it will be continued straight towards 1.7132.


• The price of 1.7103 is representing the weekly pivot point and 1.7191 is going to form a double top.

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Elliott wave analysis of EUR/NZD for July 21, 2014 Trend News

Today's support and resistance levels:

R3: 1.5628

R2: 1.5598

R1: 1.5557

Current spot: 1.5534

S1: 1.5513

S2: 1.5485

S3: 1.5465

Technical summary:

We have seen the expected correction in wave ii. This correction has tested the minimum target at 1.5513 (the low till now has been at 1.5510). As long as minor support at 1.5598 protects the upside, we could still see a slightly deeper correction towards 1.5485, but with the minimum target reached. Nothing more is requiered and the next impulsive rally to at least 1.5885 could take off any time now.

Trading recommendations:

We bought EUR at 1.5525 and will place our stop at 1.5395. If you are not long in EUR yet, then buy near 1.5485 or upon a break above 1.5598 with the same stop at 1.5395.

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Elliott wave analysis of EUR/JPY for July 21, 2014 Trend News

Today's support and resistance levels:

R3: 137.42

R2: 137.29

R1: 137.16

Current spot: 137.07

S1: 136.93

S2: 136.77

S3: 136.71

Technical summary:

After testing the channel support line, we are looking for a minor consolidation just above this support line before the next decline lower to the equality target at 134.34, where wave C will be equal in length to wave A. We should not see this consolidation move above 137.50 any time before the break below support at 136.77 confirming the next decline closer to 134.34.

Trading recommendations:

We are long in EUR from 138.95 with stop placed at 137.95. If you are not short in EUR yet, we could consider selling near 137.42 or upon a break below 136.77 with the same stop.

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