Technical analysis of EUR/USD for July 24, 2014 Trend News

When the European market opens, some economic news will be released such as French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, Italian Retail Sales m/m.The US will release the economic data too such as the Unemployment Claims, Flash Manufacturing PMI, New Home Sales, 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: 1.3527.

Strong Resistance:1.3519.

Original Resistance: 1.3506.

Inner Sell Area: 1.3493.

Target Inner Area: 1.3461.

Inner Buy Area: 1.3429.

Original Support: 1.3416.

Strong Support: 1.3403.

Breakout SELL Level: 1.3395. DESCRIPTION:

Today EUR/USD has support and resistance at 1.3416 and 1.3506. The rate is accompanied by strong support at 1.3403 and by 1.3519 as strong resistance. If EUR/USD breaks out and closes below the 1.3395 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3527 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 1.3429 and at 1.3493, a SELL position. In this case both targets should be placed at the level of 1.3461. Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of USD/JPY for July 24, 2014 Trend News

In Asia Japan will publish Trade Balance, Flash Manufacturing PMI, and the US will release some economic data such as Unemployment Claims, Flash Manufacturing PMI, New Home Sales, 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: 102.08.

Resistance. 2: 101.88.

Resistance. 1: 101.68.

Support. 1: 101.43.

Support. 2: 101.23.

Support. 3: 101.03. DESCRIPTION:

Please, pay attention to the levels of support 3 (101.03) and resistance 3 (102.08). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of Gold for July 24, 2014 Trend News

The yellow metal selloff is going on in the Asia's session. As of now the metal made a low at $1,302.60 levels. The metal has support at $1,299.50 levels. We recommend to sell below $1,299.50. On the down side, if the metal touches $1,299.50, it can drift up to $1,297.30, $1,293.75 and $1,291 levels. A break below $1,291 leads to $1,286.50, $1,282, $1,275 and $1,266 levels.

A week close below $1,299 leads to weakness in further sessions.

Panic will be triggered if it hits the $1,291.50 levels.

For an intraday basis, the metal is facing strong resistance at $1,308.50 and $1,306 (10hr high). Until the pair trades below $1,306 and $1,308, we recommend selling.

Intraday - Sell below $1,299 with targets $1,297, $1,292.

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Weekly forecast for EUR/USD for July 24-25, 2014 Trend News

Today Key economic data -

French Flash manufacturing Pmi

French Flash services Pmi

German Flash manufacturing Pmi

German Flash services Pmi

Ahead of these data, the euro looks very good. The pair moved to a 8-month low. It is stalling near the crucial short-term support levels at 1.3450 (20Hr low), 1.3425 (20 MSma and 200 WEma), 1.3395 (50 MSma). Tomorrow again the key data - German business climate and consumer climate - is due. In an extremely bearish situation, if the pair closes below 1.3395 within no time, we can see 1.33 and 1.32 levels in the near term.

In the daily chart, the daily RSI is indicating an oversold level, but in the h4 chart the hourly RSI is indicating an extremely oversold levels. On an intraweek basis, the pair is facing strong resistance at 40DEMA (1.3530 levels), above this, 1.3550, 1.3575 and 1.36 are the major resistance levels.

For the hourly trading, the pair is trading below the hourly moving averages.

Intraweek support 1.3450 1.3425 1.3395

Intraday resistance 1.3467 1.3496 1.3510

For an intraweek basis, we recommend to fresh selling only below 1.3395.

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Daily analysis of USDX for July 24, 2014 Trend News

Daily chart: The USDX is trying to form a lower high pattern above the support level of 80.62, where the USDX is likely to start making more widespread corrective movements to make a real consolidation above the 200 SMA for now. The bullish outlook remains alive in the USDX. The MACD indicator is in positive territory.

H4 chart: The USDX remains strong in the bullish trend, the next target is the resistance level of 81.02. If the USDX does make a consolidation above that level, it's expected to rise to where the bullish trend line is, near the 81.40 level. However, caution is advised when placing buy orders at current levels. The MACD indicator is in neutral territory.

H1 chart: The USDX has again found support at 80.73 level and there, the USDX made a bullish rebound, so it is likely that in the coming hours, the USDX could go up to the resistance level of 80.93. If the USDX does make a breakout at that level, it would be expected to rise to the level of 81.09. The MACD indicator is in neutral 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 80.93, take profit is at 81.09, and stop loss is at 80.78.

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Daily analysis of GBP/USD for July 24, 2014 Trend News

Daily chart: The GBP/USD is close to touching the support level of 1.7000, as this pair has been very weak in recent days. Probably the GBP/USD begins to form a bearish pattern to try and make a breakout at that level, so that the next target would be the support level of 1.6851 in the medium term. The MACD indicator is in negative territory.

H4 chart: This pair is trying to make a rebound on the 200-day moving average, so probably the GBP/USD may consolidate above the resistance level of 1.7062 and up to 1.7179 level. However, the GBP/USD is forming a bearish pattern, so it could fall to the support level of 1.6995 in the coming hours. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a breakout at the support level of 1.7050 and now this pair is trying to fall to the support level of 1.7000. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6950. The MACD indicator is moving into positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.7000, take profit is at 1.6950, and stop loss is at 1.7050.

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Technical analysis of USD/CHF for July 24, 2014 Trend News

Overview :

• The price of the USD/CHF pair is supposedly going to form strong support at the level of 0.8987 (78.6% of Fibonacci retracement levels in the H4 chart). It formed the last bearish wave last week. It should be noted that the price is going to form a new double bottom at this level, but the level of 0.8997 acts as strong support because it is representing the first weekly support this week. So, the saturation is likely to take place around 0.9000. Moreover, the RSI indicators are also going to call for an uptrend at the same level we indicated above. Therefore, it is possible that the market will start showing bullish signs. In the other words, buy deals are recommended above 0.8987 with the first target seen at the 0.9033 level and further at the 0.9050 level to test the weekly resistance one. Thus, it also should be noted that the level of 0.9050 is going to form a minor resistance. Additionally, the level of 0.9085 will act as a major resistance.

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Technical analysis of EUR/USD for July 24, 2014 Trend News

Forecast :

• According to the previous events, the price of the EUR/USD pair has still been moving between 1.3450 and 1.3550.


• The level of 1.3454 is representing the double bottom, and the weekly support 1 is set at the same level.


• Buy above the price of 1.3454 in the long term with the first target at 1.3512. It might resume to 1.3577 if the trend will be able to break the weekly pivot point at the price of 1.3551.

Notes :

• The double top will set at the level of 1.3605.


• The major support is going to set at 1.3459.


• The price has not hit the weekly pivot point.


• We expect a range of 68 pips today.

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Technical analysis of USD/JPY for July 23, 2014 Trend News

Overview:

USD/JPY is expected to trade with a bullish bias. It is supported by the positive dollar sentiment (ICE spot dollar index last 80.78 versus 80.56 early Tuesday) as the outlook for the U.S. economy improves after a stronger-than-expected 2.6% increase in U.S. existing home sales to 5.04 million in June (versus forecast of 5 million) as well as rise in Richmond Fed manufacturing index to 7 in July from 4 in June. USD/JPY is also supported by the demand from Japanese importers and reduced safe-haven appeal of yen amid positive risk sentiment (VIX fear gauge eased 4.45% to 12.24; S&P 500 rose 0.5% overnight to close at 1,983.53) on strong U.S. housing data, upbeat corporate earnings, in-line 0.3% on-month rise in U.S. June CPI (slowing from May's 0.4% rise) and lower-than-expected June core CPI of +0.1% (versus +0.2% forecast). It dented fears that the U.S. central bank will lift interest rates sooner than expected, while the geopolitical conflicts in Ukraine and Gaza took a back seat. But USD/JPY gains are tempered by the Japanese export sales and lower U.S. Treasury yields after tame CPI data.

Technical comment:
The daily chart is mixed as MACD is bearish, but stochastics is 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 23, 2014 Trend News

Overview:

USD/CHF is expected to consolidate in a higher range after hitting near-seven-week high at 0.9027 on Tuesday. It is supported by the positive dollar sentiment, dovish Swiss National Bank's monetary policy, and contagion from wear EUR. The daily chart is positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, a 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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9045 and the second target at 0.9075. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8965. A break of this target would push the pair further downwards and one may expect the second target at 0.8935. The pivot point is at 0.8900.

Resistance levels:

0.9045

0.9075

0.91



Support levels:

0.8965

0.8935

0.8910

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Technical analysis of NZD/USD for July 23, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with a bearish bias. NZD/USD is undermined by the positive dollar sentiment and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD/USD interest differential and increased investor risk tolerance. The daily chart is negative-biased as MACD is bearish, stochastics stays suppressed in the oversold zone, a 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 0.8645. A break of this target will move the pair further downwards to 0.8620. The pivot point stands at 0.8700. 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 0.8745 and the second target at 0.8785.

Resistance levels:

0.8745

0.8785

0..8815

Support levels:

0.8645

0.8620

0.86

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Technical analysis of GBPJPY for July 23, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate in a lower range. It is undermined by the negative euro sentiment and Japanese export sales. But GBP/JPY losses are tempered by the demand from Japanese importers and the positive investor risk sentiment. The daily chart is negative-biased as bearish outside-day-range pattern was completed on Tuesday, MACD is bearish and stochastics stays suppressed in the oversold zone. A five and 15-day moving averages are 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 173.40 and the second target at 173.75. 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:

173.40

173.75

174.10

Support levels:

172.35

171.90

171.65

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Daily analysis of GBP/JPY for July 23, 2014 Trend News

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 172.60 and the Resistance level of 173.30. Currently, the pair fails again to break the Support level. If the pair bounces from it to take an upward movement, it may continue its bullish trend. So, we will get a good opportunity to buy again above the Resistance level of 173.30 till closing 4H above the Resistance level of 173.75 as a level target. Then, we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 174.40. On the other hand, if the pair fails to break the Resistance level of 173.30 and bounces from it, it might take a downward trend, which will enable the Support level of 172.60 again. Therefore, we suggest waiting for the next closing before making the decision.

Resistance and support levels: R3 (174.40), R2 (173.75), R1 (173.30), S1 (172.60), S2 (172.30), S3(169.90)

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Daily analysis of Silver for July 23, 2014 Trend News

Overview

From the today's H4 chart, yesterday 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 it 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 the Resistance level. But as long as silver is trading below 21.00, waiting would be prefered in that case. It 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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USD/CAD intraday technical levels and trading recommendations for July 23, 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 on the bearish side.

Bearish projection targets were 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 23, 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 the price level of 1.7000 (Important Psychological level).

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Technical analysis of GBP/USD for July 23, 2014 Trend News

Overview :

• The GBP/USD pair movement will continue directly from the level of 1.7015 in H4 chart. Moreover, this level was confirmed by the bullish market a month ago. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price which represents the weekly resistance 1 on July 23, 2014. Therefore, the market will indicate the bullish opportunity at the level of 1.7015. Also, it should be noted that the weekly resistance 1 became the support. Accordingly, it will be a good sign to buy at 1.7015 (in the long term) with the first target of 1.7103 in order to test the weekly pivot point and further to 1.7133.


• Furthermore, it also should be noted that this level of taking profit will coincide with the ratio of 88.2% Fibonacci retracement levels. For that, it is going to be a good place to take profit. On the other hand, the stop loss should be placed below the double bottom at the price of 1.6990.

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Technical analysis of USD/CAD for July 23, 2014 Trend News

Overview :

• The price of USD/CAD pair is continuing to show signs of strength following the break at the price of 1.0620. The level of 1.0620 is representing a strong support this month as well as the double bottom in H4. Therefore, the USD/CAD pair resistance has broken and it has turned to support for a month. Moreover, the pair has already formed the strong support at the level of 1.0620. So, the market indicates a bullish opportunity at the level of 1.0620 with the target of 1.0788. It should be noted that the ratio of 50% Fibonacci retracement levels coincides with the price of 1.0788. Another thought, if the trend breaks this level and closes below the key level (1.0788), then it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at the price of 1.0788. Accordingly, it will be a good sign to sell at this level. It should be noticed that the support has already been placed at the 1.0620 level.

Intraday technical levels :

Date:23/07/2014

Pair:USD/CAD

• R3: 1.0782


• R2: 1.0771


• R1: 1.0753


• PP: 1.0742


• S1: 1.0724


• S2: 1.0713


• S3: 1.0695

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Technical analysis of USD/CAD for July 23, 2014 Trend News

General overview for 23/07/2014 10:30 CET

The yesterday's intraday support has been broken and the overall picture looks a little better for this impulsive count. The market is making the lower lows rather slowly and it looks like the low of the wave i at the level of 1.0707 together with the technical support at the level of 1.0695 are the key levels for near-term bears. Please notice, that break below the level of 1.0695 means the price entering the neutral zone.

Support/Resistance:

1.0794 - Swing High

1.0775 - WR1

1.0765 - Intraday Resistance

1.0741 - Weekly Pivot

1.0707 - 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 23, 2014 Trend News

General overview for 23/07/2014 10:10 CET

The downside wave progression is unfolding exactly as anticipated. Now, the downside developments should be in progress as per main count. Nevertheless, the alternate labeling is suggesting that the sell-off might be limited now as the five waves sequence is mature and some upside correction might unfold here. The target for wave alt: (v) green is at the level of 136.17 and then some bounce should be expected. The medium-term bias is still bearish.

Support/Resistance:

139.05 - WR2

138.43 - Wave 4 Top

137.91 - WR1

137.48 - 137.63 - Techncial Resistance

137.32 - Weekly Pivot

136.57 - Intraday Resistance

136.17 - WS1

136.07 - Wave alt.(v) Target Level

Trading recommendations:

The TP level has been hit. Now, day traders should wait for another setup to appear. Patience.

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Elliott wave analysis of EUR/NZD for July 23, 2014 Trend News

Today's support and resistance levels:

R3: 1.5573

R2: 1.5539

R1: 1.5513

Current spot: 1.5487

S1: 1.5485

S2: 1.5465

S3: 1.5447

Technical summary:

As resistance at 1.5598 protected the upside, the correction from 1.5627 went for the lower part of the correction target area near 1.5485. When this support is tested, the wave ii correction has fulfilled its requirements and should soon see a rally above minor resistance at 1.5553 and more importantly a break above resistance at 1.5598 confirming that wave iii is developing for a rally to at least 1.5885 and possibly even higher.

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 here or upon a break above 1.5553 with the same stop at 1.5395.

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Elliott wave analysis of EUR/JPY for July 23, 2014 Trend News

Today's support and resistance levels:

R3: 137.00

R2: 136.73

R1: 136.60

Current spot: 136.55

S1: 136.45

S2: 136.25

S3: 136.09

Technical summary:

Look for a move slightly lower to 136.09 to end blue wave v and set up a correction back to just below the top of blue wave iv at 137.34. From just below 137.34, we will be looking for the next part of the decline 135.49.

The ideal long-term target for this decline is at 134.34, where wave C is equal in length to wave A.

Trading recommendations:

We are short in EUR from 138.95 and will take profit at 136.15. Stop is moved lower to 136.65. If you are not short in EUR yet, then wait for the opportunity to sell near 137.34.

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Technical analysis of EUR/USD for July 23, 2014 Trend News

When the European market opens, some economic news will be released such as Consumer Confidence. The US will release the economic data too such as the Crude Oil Inventories, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3531.

Strong Resistance:1.3523.

Original Resistance: 1.3510.

Inner Sell Area: 1.3497.

Target Inner Area: 1.3465.

Inner Buy Area: 1.3433.

Original Support: 1.3420.

Strong Support: 1.3407.

Breakout SELL Level: 1.3399.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3420 and 1.3510. The rate is accompanied by strong support at 1.3407 and by 1.3523 as strong resistance. If EUR/USD breaks out and closes below the 1.3399 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3531 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 1.3433 and at 1.3497, a SELL position. In this case both targets should be placed at the level of 1.3465. 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 23, 2014 Trend News

In Asia, Japan will not release any economic data, and the US will release some economic data such as Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 101.97.

Resistance. 2: 101.77.

Resistance. 1: 101.57.

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 (101.97). 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 GBP/JPY for July 23, 2014 Trend News

The pair has been making lower lows for the last four days. The intraweek trading pattern is framed between 172.60-173.80. On the down side, if the pair hits 172.60, it can fall to 172.36, 172.10, 171.70, 170.95 and 170.70 levels. On the upside, if the pair breaches the resistance at 173.80, it can fly up to 174, 174.27 and 174.50.

Until the pair trades below 173.80, the weekly trend favors the downside.

Until the pair trades below 174.55, the monthly trend favors the downside.

The weekly support level is at 172.60 (50 DSma).

On an intraday basis, the pair is trading just below the hourly moving averages. The pair has strong resistance at 173.50 (34 Hr Sma) and 173.60 (July 18 high). The nearest support levels are at 172.94, 172.80 and 172.69 levels. A break below 172.69, it can extend its fall to 172.36 and 172.10 levels.

Sell only below 172.99 or buy with sl 172.99. cmp 173.15.

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Technical analysis of EUR/JPY for July 23, 2014 Trend News

The pair drifted to a 5-month low, holding its nearest support at 136.20 (February 2014 low). If this week, the pair closes below 136.20, the downfall will continue to 134 and 131.20 levels. In Asia's session, the pair is trading at 136.52, a low made at 136.46 levels. On the upside, the pair has strong resistance at 137.72 (200DEma), 138 and 138.50 (50 DSma).

Until the pair trades below 137.72, the weekly trend favors the downside.

Until the pair trades below 138.50, the monthly trend favors the downside.

The weekly and monthly support level is at 136.20 (136 rounded).

On an intraday basis, the pair is trading below the hourly moving averages. The hourly RSI is indicating positive divergence.

We recommend to buy with sl 136, camp 136.54, and on the dip at 136.20 with targets 136.70, 136.80, 136.93 and 137.20 levels. The strong momentum can take place above 137.40 levels.

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Technical analysis of Gold for July 23, 2014 Trend News

The US dollar is strenghtened due to that the US House price index rose 0.4% in May. The CPI increased 0.3% in June. The housing market sends an optimism wave towards the housing market recovery, which helps the US economy to recover. The yellow metal moved to the crucial weekly support level at $1,399.50, a low made at $1,301.70.

On a monthly closing basis, if the metal closes below $1,299, we can see $1,286, $1,282, $1,275 and $1,270 levels, with strong support at $1,291 levels.

On a weekly closing basis, if the metal holds above $1,291, the downfall will pause for a while and the pair will close below $1,318, the uptrend will pause.

In the daily chart, the metal is facing strong resistance at 20 DSma on a closing basis at $1,318. Until the metal trades below that, the weakness persists. The intraweek trading range is framed between $1,299.50-$1,318. On the down side, if the metal hits $1,299.50, we can see $1,297, $1,294 and $1,291 immediately.

On an intraday basis, the metal is trading at the resistance level of $1,307.10. It has resistance at $1,307.80 (12hr high) and $1,310.70 (21hr Sma). Until the pair trades below $1,324.50, we recommend to sell on an upmove on a weekly basis.

Sell below $1,304, with targets at $1,303.50, $1,301.70 and $1,299.50 - intraday

Buy above $1,311, for targets $1,315 and $1,318 (maybe $1,324).

Risky traders can buy with sl $1,304 for targets $1,310 and $1,315.

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Technical analysis of EUR/USD for July 23, 2014 Trend News

The Euro drifted to an 8-month low at 1.3460. On the down side, the pair has strong support at 1.3460, below this, 1.3420 (200DEma) and 1.34 (50MSma). A week close below this, we can see 1.3295 and 1.32 in the short term. We still recommend selling until it trades below 1.37.

Monthly key resistance 1.37

Weekly key resistance 1.3575

Intraweek resistance 1.3550

In the near term, the pair is trading below the key moving averages. Below 1.3460, we can expect 1.3420 and 1.34 this week. For an hourly basis, the pair is trading below the hourly moving averages.

Support: 1.3459 (14hr low).

Resistance: 1.3496 (13 hr high), 1.3530, 1.3549.

Until the pair trades below 1.3550-1.3575, we recommend selling again on an upmove.

Trend reversal support zone is 1.3460-1.34.

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#USDX technical analysis for July 23, 2014 Trend News

The Dollar index has broken above the sideways short-term consolidation and made a new higher high towards 80.80. The previous high at 81 is our short-term target. Price remains in an uptrend and above the Ichimoku cloud support. The bullish flag that we mentioned in previous analysis has worked as expected and the market gave us another higher high.

Short-term support is found at 80.50 and short-term resistance at 81. Price is trending higher as can be seen in the 4-hour chart above. Higher highs, higher lows, and price are above the Ichimoku cloud support. The second bullish flag target is just below 81.10.

The daily chart of the Dollar index remains bullish as price is above the Ichimoku cloud and bounced strongly yesterday as expected. Resistance from the previous high at 81 is the first important obstacle for the uptrend that started at 79.75. I expect this resistance to be broken and the Dollar index to continue higher towards 82. The trend in the daily chart remains bullish and so do we as long as price is above the Ichimoku cloud.

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Daily analysis of USDX for July 23, 2014 Trend News

Daily chart: The USDX has made a breakout on the resistance level of 80.62, so the next target in this instrument is the resistance level of 81.50 in the long term, although it is likely that the USDX start forming a bullish pattern to that level. For now, the USDX could make corrective movements. The MACD indicator is in positive territory.

H4 chart: The USDX has consolidated above the support level of 80.60 and is likely to rise to the next target at the resistance level of 81.02. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 81.40, where a bullish trend line is. The MACD indicator is in positive territory.

H1 chart: The USDX is trying to form a bullish pattern above the 80.72 level, because the next target is the resistance level of 80.93. The USDX has had a strong bullish momentum, so it is likely to make a breakout at that level and up to the resistance level of 81.09. 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 80.93, take profit is at 81.09, and stop loss is at 80.78.

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Gold wave analysis for July 23, 2014 Trend News

Gold price is trading above $1,300, but I expect this important psychological support level to be broken soon. Gold price is below the Ichimoku cloud in the 4-hour chart confirming our view that $1,346 was an important top and that the trend has reversed downwards. At $1,346, I still believe we have seen the end of wave E of wave 4 and we are now at the beginning of a new downward move to $1,000.

Gold price was rejected at the 61.8% Fibonacci retracement and did not manage to break above the Ichimoku cloud. The Ichimoku cloud is putting pressure on the Gold price and I expect to see at least a move that will push price lower than $1,290. Support is found at $1,303 and resistance, at $1,320.

I prefer to be bearish targeting a move at least towards $1,270-60. However, my longer-term view remains much more bearish targeting $1,000 and lower. As can be seen in the chart above, the triangle wave 4 is most probably complete. Confirmation that we have started wave 5 down, will come once we break below $1,240 where wave D low is. Important resistance levels on the daily chart is the $1,346 level and the $1,360 level. Important support on the daily chart is the $1,270 level and the $1,240 price level.

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Daily analysis of GBP/USD for July 23, 2014 Trend News

Daily chart: The GBP/USD made slow movements during the session yesterday, where the pair tried to approach the support level of 1.7000. For now, the bearish outlook remains alive in the GBP/USD, because this pair found strong resistance at the level of 1.7170 a few days ago. The MACD indicator remains in negative territory.

H4 chart: The GBP/USD continues to find support at the level of 1.7062, which is close to the 200-day moving average, where the pair could perform a bullish rebound to go up to the resistance level of 1.7180. However, GBP/USD may perform a breakout at the 1.7062 level to fall to the support level of 1.6995. The MACD indicator is in neutral territory.

H1 chart: This pair moved in range during last hours, though the GBP/USD stays below the 200-day moving average, so the bearish bias is very strong in this pair. For now, there are still chances that the GBP/USD will try to break out at the support level of 1.7050 to fall to the level of 1.7000. The MACD indicator is in positive territory.

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

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