Short-term forecast for USD/SGD for July 24, 2014 Trend News

The pair holds the support at 1.23 levels. The pair is trading in a complete bearish zone, moving below the medium-term moving averages. Until the pair holds the 1.23 level, the down move will pause for sometime. It's been making lower highs for 6 weeks. If the pair hits the 1.23 level, it can extend its fall to 1.2240 and 1.2128 levels.

The daily RSI indicates a pullback sign. The pair made a minor double bottom at 1.2340 in the daily chart and is moving to the initial resistance level at 1.24, a high made at 1.2389 in today's Asia's session. If the pair manages to trade above 1.24, it can fly up to 1.2421, 1.2458. A day close above 1.2458, the short-term trend turns to positive towards 1.2515 and 1.2560 levels.

Positional selling is only below 1.23 for targets at 1.2228 and 1.2243.

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Technical analysis of Gold for July 25, 2014 Trend News

Gold was pushed to a monthly low towards the parallel support at $1,284.50 and $1,280 (61 fib level). In yesterday's session, the metal held the support at 200DSma and bounced a bit back. But today in Asia's session the metal rejected at the 50 DSma at $1,293.75, a high made at $1,294.10 and started looking to the downside. The nearest support level is at $1,286.60, below this, $1,284.50 and $1,280 levels.

For an hourly view, the metal is trading below the hourly moving averages. The hourly RSI is indicating a minor positive divergence, hope $1,284.50 will act as strong support zone for the time being. The pair has resistance at $1,294.10 (6hr low), $1,298, $1,301, $1,303 and $1,307 levels. Until the metal trades below $1,306.70, selling on an up move will mint money.

On a positional basis, until the metal trades below $1,324.50, $1,270 is an open target with strong support at $1,284.50 and $1,280

Intraday resistance

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Technical analysis of USD/JPY for July 25, 2014 Trend News

USD/JPY

Japan CPI rose by 3.3% in June. The BoJ raised the sales tax to 8% from 5% in April. The increase in the nation sales tax boosts the prices. The data has just been released. The pair exactly touches the 20WSma, trading at a one-week high. But the pair is unable to stay above the 20WSma. It was rejected at 20WSma. In the next week, we can see some kind of one side move, hoping for a range breakout. In the daily chart, the pair is facing resistance at 50DSma and the 50.0 fib level on a closing basis. The near term will turn to one side direction if the pair manages to close above the 50DSma.

The hourly stochastics is indicating an overbought zone. The pair has support at 101.70, 101.55 and 101.40. The pair looks weak below 101.33, 101.19 and 101.07 levels. Until the pair holds above 34HrSma (blue color), the up move will be intact.

Intraday support

101.70, 101.55, 101.40

A day close above 101.85 levels, one side direction towards 102 and 102.30, and in the near term bulls will have an upper hand.

Strong selling is only below 101.40.

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Technical analysis of EUR/USD for July 25, 2014 Trend News

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, Private Loans y/y, M3 Money Supply y/y, German Ifo Business Climate, GfK German Consumer Climate. The US will release the economic data too such as the Durable Goods Orders m/m, Core Durable Goods Orders m/m, so amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3531.

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. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of USD/JPY for July 25, 2014 Trend News

In Asia, Japan will release the SPPI y/y, National Core CPI y/y, Tokyo Core CPI y/y, and the US will release some economic data such as Durable Goods Orders m/m, Core Durable Goods Orders m/m. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.29.

Resistance. 2: 102.09.

Resistance. 1: 101.89.

Support. 1: 101.64.

Support. 2: 101.44.

Support. 3: 101.24. DESCRIPTION:

Please, pay attention to the levels of support 3 (101.24) and resistance 3 (102.29). 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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Forecast for GBP/USD for July 25, 2014 Trend News

Today traders eye the US Prelim GDP q/q. The UK retail sales rose to 1.6% in the second quarter. The cable hit the 1.70 mark, missed the estimates. The retail industry increased by 3.6% compared with June 2013 and by 0.1% compared with May 2014. The cable drifted towards the short-term key support level at 50DSma and took a small bounce from there. On the down side, the pair has support between 1.6960-1.6946. A day close below 1.6960, the short term turns to negative 1.6920, 1.6888, 1.6850 and 1.68 levels. On the upper side, it has resistance at 1.71 (30DSma).

Monthly support 1.6920-1.69

The cable is trading below the hourly moving averages. The oversold hourly momentum oscillators saved the cable form moving to lower levels, held above 50DSma. The hourly support is at 1.6985-1.6980 (12hr low) and 1.6966. Until the pair trades below 1.7060, the pair is not fit for a strong up move.

21Hr Sma 1.7055

34Hr Sma 1.7040

35HDema 1.7014

Bulls' grip is above 1.70, strong momentum is only above 1.7060 levels.

Buying support zone 1.6960-1.6920

Fresh positional, sell again below 1.69

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Daily analysis of USDX for July 25, 2014 Trend News

Daily chart: The USDX continues to show strength in the current bullish trend as the USDX has strongly consolidated above the support level of 80.62. Additionally, the next objective for the USDX would be the resistance level of 81.00. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 81.50. The MACD indicator is in positive territory.

H4 chart: The USDX remains above the support level of 80.60, so the USDX is trying to make a breakout on the resistance level of 81.02. If successful, it is expected to rise to the level of 81.40. Furthermore, if USDX is able to consolidate below the level of 80.60, it's expected to fall to the level of 80.34. The MACD indicator is in neutral territory.

H1 chart: The USDX has been moving in a range for the last few hours, so the next target remains the resistance level of 80.93. If the USDX does make a breakout at that level, the next target would be the resoistance level of 81.10. For now, the bullish trend is strong and buy orders are recommended. The MACD indicator is entering 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 resistance 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 25, 2014 Trend News

Daily chart: This pair is conducting a breakout at the support level of 1.7000, so the next target would be the support level of 1.6851. However, it is very likely that the GBP/USD will start forming a bearish pattern below the 1.7000 level, because this pair has been in a straight fall for many days. The MACD indicator is in negative territory.

H4 chart: The GBP/USD has consolidated below the 200 SMA and the level of 1.6995, so this pair could fall to the support level of 1.6920. If GBP/USD manages to make a breakout at that level, the next target would be the support level of 1.6841, which would be a new low in this pair for several weeks. The MACD indicator is in negative territory.

H1 chart: This pair is forming a higher low pattern below the resistance level of 1.7000. Now, the GBP/USD could conduct a breakout at the support level of 1.6950. If successful, it is expected to fall to the level of 1.6900. For now, the bearish trend is very strong in this pair. 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 1.6950, take profit is at 1.6900, and stop loss is at 1.7000.

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

General overview for 24/07/2014 19:50 CET

The corrective cycle continues and any lack of a clear impulsive wave progression means the correction might get complex and time consuming. Traders should be patient and wait for one of the important levels to be clearly broken: for bears the most important level is intraday resistance at the level of 1.0764, and for bulls the most important level is technical support at the level of 1.0695.

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 short positions opened with SL above the level of 1.0794 and TP below the level of 1.0625. Please keep an eye on the important levels.

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

General overview for 24/07/2014 19:30 CET

It looks like the market has chosen to follow the alternate count, but to confirm this scenario, the high of the wave 2 green top must be clearly broken. This is the key level to watch for all bears, because any breakout higher means the alternate count is in play and the corrective cycle might go even higher if the golden trendline is broken.

Support/Resistance:

136.18 - WS1

136.35 - Wave b green Low

136.75 - Intraday Support

137.30 - Weekly Pivot

137.33 - Intraday Resistance |Key Level|

137.65 - Technical Resistance

Trading recommendations:

Any breakout higher above the key level means swing and daytraders should keep the open short positions as the corrective wave to the upside has started.

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

Overview

The 4H chart shows that the pair failed more than once to break the Support level of 172.60 and is still trading above it since yesterday. As we see, the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 173.30. Currently, it is prefered to wait till closing above this Resistance level before making the decision. In this case, we will get more bullish signals with the first target few pips below the next Resistance level of 173.75 then 174.40 as the second target. But closing below the Resistance level of 173.30 cancels the bullish move scenario.

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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#USDX Technical analysis for July 24, 2014 Trend News

The Dollar index is very close to the previous high of 81. It seems that selling pressures rise as the price is getting closer to that area. A pull back has started early today but I believe this is just a pause to the larger uptrend that has started from 79.75.

The Dollar index has broken the short-term upward sloping trend line and might pull back towards 80.70-80.50 (max) area. The price is in uptrend above the Ichimoku cloud. I believe this uptrend will continue and resistance at 81 will be broken eventually. The larger pattern remains bullish with 81.75 medium-term target.

The daily chart shows clearly how the price was rejected to the resistance area. However, I believe this pause before the rise is only temporary. This uptrend will resume again after a small correction. The daily trend is up and we target at 81.75.

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Gold Technical analysis for July 24, 2014 Trend News

The Gold price has broken the the $1,300 price level and is heading towards the previous low at $1,290 and where the 38% Fibonacci retracement is found. I believe it is more probable to see the $1,290 low being broken and the Gold price falling towards the 61.8% retracement.

The short-term trend is bearish. The price is below the Ichimoku cloud resistance and has been rejected at the 61.8% retracement of the 5 wave move from $1,346 to $1,290. The upward move from $1,290 to $1,325 was corrective as expected and reached our sell target. Now, prices are moving lower as expected and I see the price moving at least towards $1,285.

The daily chart above shows that the price is heading towards the Ichimoku cloud near $1,285-80 area. Critical support is found at $1,280 where the 61.8% Fibonacci retracement of the rise from $1,240 to $1,346 is found. Breaking below that level will increase the chances of confirming our bearish scenario towards $1,000.

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Elliott wave analysis of EUR/NZD for July 24, 2014 Trend News

Today's support and resistance levels:

R3: 1.5831

R2: 1.5756

R2: 1.5708

Current spot: 1.5675

S1: 1.5650

S2: 1.5598

S3: 1.5561

Technical summary:

The correction in wave ii moved a little lower than the expected 1.5485 (the low came in at 1.5443), but the following rally is most encouraging and calls for a continuation in wave iii higher to at least 1.5885. Ideally, now we will see support near 1.5598 to protect the downside for the next rally higher to 1.5885. However, even if we do see a correction lower to 1.5540, it will not change anything in the larger picture.

Trading recommendations:

We are long in EUR from 1.5525 and will move stop higher to 1.5440. If you are not long in EUR yet, then buy close to 1.5598 with the same stop at 1.5440.

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Elliott wave analysis of EUR/JPY for July 24, 2014 Trend News

Today's support and resistance levels:

R3: 137.00

R2: 136.73

R1: 136.60

Current spot: 136.45

S1: 136.36

S2: 136.25

S3: 136.09

Technical summary:

Not much news to add here. We are still looking for a correction to just below 137.34 to end red wave iv and set the stage for red wave v lower to 135.49. In the longer term, we are still looking for a decline to 134.34, where wave C will equal wave A in length.

Trading recommendations:

Our stop-profit at 136.65 was hit for a nice profit. We will sell EUR again at 137.20 with stop place at 138.15.

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Daily analysis of major pairs for July 24, 2014 Trend News

EUR/USD: There is much momentum in the markets. The markets are now trending strongly in most cases. For instance, the EUR/USD pair is now trading below the resistance line at 1.3450, in a strong downtrend. Strong economic figures are expected today and they would have impact on the markets.

USD/CHF: After the USD/CHF pair broke the strong support level at 0.9000 to the upside, the price has succeeded in going more upwards. The support level at 0.9000 is solid enough to challenge any bearish corrections from now on. Thus, the price may reach the resistance level at 0.9050.

GBP/USD: The Bearish Confirmation Pattern on the Cable is now getting stronger, as the market gives way and the downward trend is developing in a slow and steady manner. The EMA 11 is below the EMA 56 (and the price is below them). The RSI period 14 is below the level 50. The price could test the accumulation territory at 1.7000.

USD/JPY: It is said that most markets are trending strongly, but there are exceptions. One of the exceptions is the USD/JPY pair. The USD is strong as well as the JPY. Thus, the current equilibrium movement os taking place. Currently, the market is not attractive to swing and positions traders, but it is great for scalpers and intraday traders. Swing traders would need to wait for momentum to return to the market before taking action.

EUR/JPY: Owing to the strength in the Yen and the weakness of the Euro, this cross has been trending downwards. It is now below the supply zone at 136.50, and it would go further downwards.

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

GBP/JPY

The pair was pushed to the medium term support level at 172.60 (50 DSma) and bounced back from there. The pair is trading at a three-week low. The nearest support is at 172.36 and 171.80 levels. A day close below 172.36, in the near term it will again turn to the negative mode at 172, 171.70, 170.95 and 170.70 levels.

For an hourly basis, the pair is trading below the hourly moving averages. It was rejected at 34HrSma twice, and now it is moving further lower. It has resistance at 172.90, 173.06 and 173.20 levels. GBP looks weak. We recommend buying above 173.20 levels with targets 173.35, 173.50 and 173.60.

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

EUR/JPY

Japan's manufacturing PMI fell to 50.8 from 51.1. Today, traders eye German and French economic data. As we recommended in our yesterday's article, keep buy with sl 136. It's good that the pair is holding above 35 HDema. It has initial resistance at 136.75, above this, 136.83 and 136.95. Strong up move will be intact only above 137 towards 137.30, 137.40, 137.50 and 138 levels.

Intraweek resistance 137.30 137.75

Intraweek support 136.40 136

If the pair hits the 136 levels, it will shift the mode to a free fall towards 134.10 (80 fib level) which is another support level. Below this, 132 is an open target until the pair trades below the 143.78 levels. The bulls must take the pair towards 138.45 on a closing basis to get back to the triangle again.

Buy with sl 136

Sell below 136

Intraday strong momentum is only above 137.30.

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