USD/CAD intraday technical levels and trading recommendations for July 22, 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 a prominent congestion zone was established.

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 down trending for a long period. The downtrend could resumed anytime enhanced by 4H breakdown below 1.0700.

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GBP/USD intraday technical levels and trading recommendations for July 22, 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.

The bears have already visited 1.7040. Daily closure should be considered. The bears have potential bearish target around 1.6970. However, traders should consider price level of 1.7000 (Important Psychological level).

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Intraday technical levels and trading recommendations on EUR/USD for July 22, 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).

Later on, 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) thus exposing 1.3500 for retesting.

Bullish fixation above 1.3490 - 1.3640 is essential for the bulls to recover and acquire momentum to initiate a corrective move within the current steep bearish trend.

As long as the bulls keep defending the demand zone between 1.3500-1.3475, the bulls are most likely to push higher.

On the other hand, breakdown of 1.3500 invalidates the bullish structure allowing the bears to pursue initially towards the price level 1.3420 (Fibonacci Expansion 100%).

The bears have already pushed towards 1.3460 which showed immediate bullish recovery.

Bullish pressure may be applied around the current prices provided that the bears fail to fixate below 1.3500 on the daily basis. However, the current short-term trend remains bearish towards 1.3420 until proven otherwise.

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Daily analysis of Silver for July 22, 2014 Trend News

Overview

From the today's H4 chart, silver is still stabilizing above the Support level of 20.75 and could not break it. Currently, it is bouncing from it towards the Resistance level of 21.00. So, we still suggest waiting for closing above the Resistance level in case of bouncing from the Support level of 20.75 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 21.20. Then, after breaking this Resistance level silver would open the way towards the Resistance level of 21.50, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.00, this cancels the bullish 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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Daily analysis of GBP/JPY for July 22, 2014 Trend News

In the 4H chart, closing below the Resistance level of 173.30 gives 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 which is tested now. In that case, we might 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 of 172.30 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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Technical analysis of USD/JPY for July 22, 2014 Trend News

Overview:

USD/JPY is expected to trade in a higher range. It is supported by the broadly firmer USD undertone (ICE spot dollar index last 80.56 versus 80.51 early Monday) as the greenback benefited from haven flows amid the geopolitical concerns as the West threatened further international sanctions on Russia over the Ukraine conflict. Besides, violence is unfolding in the Middle East. USD/JPY is also buoyed by the higher shorter-dated U.S. Treasury yields and demand from Japanese importers. But the USD sentiment are dented by the drop in Chicago Fed National Activity Index to +0.12 in June from May's +0.16. USD/JPY gains are also tempered by the Japanese export sales and flows to haven JPY amid increasing risk aversion.

Technical comment:
The daily chart is mixed as MACD is bearish, but stochastics is turning bullish near the oversold 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 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 101.05. A break of this target would push the pair further downwards and one may expect the second target at 100.85. The pivot point is at 101.25.

Resistance levels:

101.80

102

102.20

Support levels:

101.05

100.80

100.60

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

Overview:

USD/CHF is expected to trade in a range. It is supported by the broadly firmer USD undertone as well as dovish Swiss National Bank's monetary policy. But USD/CHF upside move is limited by the flows to haven CHF amid escalating geopolitical concerns. The daily chart is mixed as MACD is bullish; a five-day moving average is above a 15-day MA and is advancing. However, stochastics is bearish in the overbought zone. Inside-day-range pattern was completed on Monday.

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 0.9025 and the second target at 0.9050. 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:

0.9025

0.9050

0.9075



Support levels:

0.8935

0.8910

0.8895

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

Overview:

NZD/USD is expected to trade in a lower range. It is undermined by the subdued investor risk appetite and broadly firmer USD undertone. But NZD/USD losses are tempered by the NZD-USD interest differential. The daily chart is negative-biased as MACD is bearish, stochastics stays suppressed in the oversold zone, a five-day moving average is below a 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 0.8640. A break of this target will move the pair further downwards to 0.8620. The pivot point stands at 0.8685. 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 0.8720 and the second target at 0.8745.

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 22, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a range. It is undermined by the increased risk aversion and Japanese export sales. But downside move of GBP/JPY is limited by the buoyant USD/JPY undertone and demand from Japanese importers. The daily chart is mixed as MACD is bearish, five-day moving average is below a 15-day MA which is declining. However, stochastics is turned bullish to the oversold zone. Inside-day-range pattern was completed on Monday.

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 173.55 and the second target at 174.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.35. A break of this target would push the pair further downwards and one may expect the second target at 171.90. The pivot point is at 172.70.

Resistance levels:

173.55

174.10

174.55

Support levels:

172.35

171.90

171.65

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EUR/NZD analysis for July 22, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading sideways. We are facing a quiet day and low activity on the market around the price of 1.5550. According to the daily timeframe, we can observe weak demand in average volume, which is a sign that buying EUR/NZD at this stage looks risky. 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: 1.5568

R2: 1.5578

R3: 1.5593

Support levels:

S1: 1.5537

S2: 1.5527

S3: 1.5511

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

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

• Pair: NZD/USD


• Period: from Tuesday to Friday.


• Date: July 22, 2014.


• Weekly range: between 110 pips and 140 pips.


• Volatility: 287.63

Overview :

• The NZD/USD pair will continue falling straight from the level of 0.8622 in H4 chart. It is probably going to form a double bottom at the level of 0.8620. Therefore, the Kiwi is showing signs of strenght following the break of the highest level of 0.8620. So, it will be a good sign to buy in the short term above the level of 50% of Fibonacci retracement levels in H4 chart (0.8621) with the first target of 0.8680 in order to retest the daily pivot point and further 0.8740 (the price of 0.8740 will act as strong resistance, so it is going to be a good place to take profit). Also, it should be noted that this level of taking profit will coincide at 78.6% of Fibonacci. However, in case a reversal takes place and NZD/USD breaks through the support level of 0.8605, the market will lead to further decline to 0.8570, in order to indicate the bearish market today.

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Gold analysis for July 22, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,304.39 in a volume below average according to the daily timeframe. According to the daily timeframe, we can observe demand in a volume below average as well as rejecting from our Fibonacci retracement 61.8% at the price of 1,324.70. We can observe a strong buying climax bar in the background according to the 4H timframe, which caused the price to start downward movement. 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: 1,317.84

R2: 1,320.46

R3: 1,324.70

Support levels:

S1: 1,309.36

S2: 1,306.74

S3: 1,302.50

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

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Technical analysis of USD/CHF for July 22, 2013 Trend News

Overview :

• Probably, a strong resistance level of the USD/CHF pair will be set at the level of 0.9050 (below the 127.2% Fibonacci retracement level in the 1H chart). But a double top has been formed at the 0.9036 price. The latest bearish wave for the last month was created, and the level of 0.9050 became strong resistance. So, the saturation is likely to take place around 0.9050, because this level is the second strong support (the previous minor resistance level was set at 0.9010). Therefore, it is possible that the market will start showing bearish signs from the spot of 0.9050 or 0.9030. Inn the other words, short positions are recommended below 0.9050/0.9030 with the first target at the 0.9010 level and further at the 0.8967 level. The stop loss should be placed at 0.9080.

Intraday technical levels :

Date:22/07/2014

Pair:USD/CHF

• R3: 0.9062


• R2: 0.9038


• R1: 0.9025


• PP: 0.9001


• S1: 0.8988


• S2: 0.8964


• S3: 0.8951

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Elliott wave analysis of EUR/NZD for July 22, 2014 Trend News

Today's support and resistance levels:

R3: 1.5657

R2: 1.5628

R1: 1.5598

Current spot: 1.5581

S1: 1.5553

S2: 1.5540

S3: 1.5510

Technical summary:

We are currently looking for a break above minor resistance at 1.5598 as confirmation that the next impulsive rally higher to 1.5885 is developing. However, as long as this minor resistance at 1.5598 is able to protect the upside, we will have to allow for a new test of 1.5510 and maybe even slightly lower to 1.5484, but this is not our preferred outcome at this point.

Trading recommendations:

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

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

General overview for 22/07/2014 08:45 CET

Not much development on this pair has occurred since yesterday's analysis. So, let me remind again the current situation. Any breakout below the level of 1.0711 confirms the main bearish view and lower levels should be expected then. Nevertheless, any breakout higher above the key level invalidates the main bearish impulsive count. 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 22, 2014 Trend News

General overview for 22/07/2014 08:30 CET

As anticipated yesterday, the market is in a corrective upward cycle of green wave c or wave alt:(iv). Currently, this pair is trading just below the weekly pivot at the level of 137.32, and it will act as resistance here. Moreover, the next hurdle for the market is the intraday resistance at the level of 137.41. Golden trendline dynamic resistance is just above that as well. The upside then seems to be pretty limited. Lower prices are still expected in the near term. Please notice, that any breakout above the level of 137.50 invalidates the green alternate count.

Support/Resistance:

139.05 - WR2

138.43 - Wave 4 Top

137.91 - WR1

137.48 - 137.63 - Techncial Resistance

137.32 - Weekly Pivot

137.41 - Intraday Resistance

136.76 - Intraday Support

136.17 - WS1

136.07 - Wave alt.(v) Target Level

Trading recommendations:

The current price action looks clearly corrective and lower prices are expected in the near term anyway. So, day traders should consider opening short orders from the current price levels, with SL above the level of 137.64 and TP below the level of 136.90.

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