Short-term forecast and weekly recommendations for USD/CAD for July 28, 2014 Trend News

The pair breached the weekly descending trend line and closed above it. The pair made a high at 1.0821 on the last week's session, but today at the opening it was unable to breach it. It opened on a mild bearish note with open high at 1.0817. Fresh buying will be triggered above the previous week's high or safe buyers can buy above 1.0830. The pair has strong support at 1.075 (50 WSma).

Bullish points-

Trading above the 4-month descending triangle

Held above 50WSma at 1.075

Bearish points-

Unable to breach last week's high, as of now

Strong resistance at 1.0828 200DSma

Monthly key support 1.075 1.0700

Weekly key support 1.0789 1.0773

Weekly resistance 1.0821

Monthly key resistance 1.0830

Fresh positional, buy above 1.0830 with targets 1.0895 and 1.0950.

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Weekly forecast and an intraday analysis of Gold for July 28-August 01, 2014 Trend News

Weekly view (July 28-August 01)

The yellow metal was supported by Russian and Ukrainian political concerns, pulling back above $1,300 levels from a monthly low. In the Asia, the metal is trading at $1,306 levels, having opened on a bearish note. We recommend to sell again, until the pair trades above the $1,308.20 (Friday's high) levels. On the upside, it has strong resistance at $1,310.60, $1,314.50 and $1,318 levels. Above $1,318, it can fly up to $1,324 levels. It has been making a lower lows and lower highs for 3 weeks. As of now, this week it made a lower high. On the down side, it has strong weekly support at $1,298 (50WSma): breaking below this, it can push up to last week's low at $1,287 levels. Once it breaks below $1,287, the panic will be triggered up to $1,262 with intermediate support at $1,280, $1,275 and $1,266 levels.

Intraday cmp $1,306

We recommend to sell with a target of $1,300-$1,298. The metal faces more selling pressure below $1,297.50 up to $1,293, $1,290 and $1,287.40 levels. The metal came out of the triangle and trading above that, its a mild bullish case. Buyers can use a dip to buy at $1,300 levels with sl $1,296 or sell again below $1,296.

Recommendation- cmp $1,306.20.

Sell at cmp sl $1,308.20 with targets at $1,305, $1,300.50.

Buy at $1,300.50-$1,297.80, sl $1,296.

Sell again below $1,296 for targets at $1,295, $1,292, $1,290 and $1,287.

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Weekly forecast and an intraday analysis of GBP/USD for July 28-August 01, 2014 Trend News

Weekly view - (July 28- August 01)

The cable is testing its fate near the short-term strong support 50DSma. The pair hit the 50 DSma and well managed to close above that. In today's session, as of now the pair is trading above the 50DSma successfully. The daily Stochastics looks an oversold. The weekly support level is at 1.6945, 1.6920, and 1.6880 (61.8fib level). A day close below the 50DSma, the short-term trend turns to negative towards 1.6880, 1.6860, 1.68 and 1.6690 levels. The pair is trading below the 1.70 mark, though the UK's economic data was strong enough, but the US data is stronger than the UK's. This week, traders are eyeing Friday's Manufacturing PMI data.

Support 1.6945 1.6920 1.6880

Resistance 1.70 1.7060 1.71

Intraday cmp 1.6978

In Asia's session the pair is trading at 1.3428, holding above the Friday low 1.3420. It is trading below the hourly moving average, which is a highly bearish part. The pair has been facing strong resistance at 35HrDema for 12 hours. The pair was rejected at 35HrDema at 1.70 levels, above this, it has resistance at 1.7013 and 1.7036 levels. We can see mild strength above 1.70 and strong, only above 1.7040 levels.

Resistance 1.70 1.7015 1.7040

Support 1.6950 1.6945 1.6920

Sellers will mint the money, until the cable trades below 1.7040. The hourly RSI is indicating mild positive divergence.

Risky traders buy between 1.6960-1.6940, sl 1.6920.

Sell below 1.6920 for targets at 1.6880, 1.6860 and 1.68.

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Technical analysis of Silver for July 28, 2014 Trend News

Technical outlook and chart setups:

1. Silver continues to retrace lower towards $20.00 and $19.60 levels for now. The metal is a clear buy on dips on the longer run but needs to correct a little further than current levels. Recommendations are to buy on dips.

2. Support is seen at $19.60, followed by $19.00, $18.60 and lower while resistance is seen at $21.40, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver needs to correct further towards $19.60 levels before bulls take back control.

Trading recommendations:

Remain flat for now. Buy on dips around $19.60.

Good luck!

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Technical analysis of EUR/JPY for July 28, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is seen to be bouncing off just ahead of critical lows/support at 136.20/30 levels for now. A morning star bullish signal was seen on the daily chart view last week but the follow up is still missing. At the moment, prices are around intermediary support of 136.65 levels and expected to stage a counter trend rally at least towards 137.80/90 levels as shown here.

2. Support is at 136.20/30 levels while resistance is seen through 137.40, followed by 138.40 and higher up respectively.

3. The structure indicates that EUR/JPY could be turning bullish at least for short term from current levels.

Trading recommendations:

Initiate long positions now, stop at 135.90, target is open.

Good luck!

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Technical analysis of GBP/CHF for July 28, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair seems to have broken immediate line of support and also the 1.5300/05 levels. Intraday rallies should be sold till prices remain below the 1.5430/50 mark. The pair may be looking to head lower towards 1.5220 levels in the short term.

2. Support is seen at 1.5220, followed by 1.5130/40 and lower, while resistance is fixed at 1.5430/50 respectively.

3. The structure indicates that GBP/CHF could be looking to turn bearish at least for short term. A break below the longer term support line could be further bearish.

Trading recommendations:

Remain short, stop above 1.5430/50, target is open.

Good luck!

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Weekly forecast and an intraday analysis of EUR/USD for July 28-August 01, 2014 Trend News

EUR/USD

Traders will watch this week's economic event:

German Prelim CPI, Spanish flash CPI and GDP and Federal Reserve announcement are the major earlier key events this week.

The pair drifted to a 8-month low and closed at the lowest point during the Friday session. The pair has near strong support at 1.3420 and 1.3395-1.3370 levels. It will fall another 100 pips straight away, if it hits 1.3370. On the down side, the open target is at 1.3295, 1.3250 and 1.3210 levels. On a monthly basis, the pair is held the 50MSma at 1.3395 levels.

Weekly basis (July 28 - August 1)

The pair is trading below the weekly moving averages in the daily chart. The pair acting stall near the strong support 1.3420 1.34 and 1.3395. We recommend to sell again below 1.3370 levels. The weekly trading range is between 1.3370-1.3477-1.3550 levels. Until the pair trades below 1.35 on a weekly basis, selling on an up move will mint the money.

In the daily chart, the daily momentum oscillators are indicating an oversold level. This is the only hope bulls have.

Support: 1.3420, 1.3395, 1.3370

Resistance: 1.3485, 1.35, 1.3560

Intraday view- cmp 1.3428

In Asia's session the pair is trading at 1.3428, holding above the Friday low of 1.3420. It is trading below the hourly moving averages, which is a highly bearish part and the hourly momentum oscillators are indicating an oversold level. Until the pair trades below 1.3480, the bears will have an upper hand.

Resistance: 1.3435, 1.3460, 1.3480.

We recommend buying only above 1.35.

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Daily analysis of USDX for July 28, 2014 Trend News

Daily chart: The USDX is strengthening the bullish trend in this chart, as the USDX has consolidated above the support level of 80.62, leaving far behind the 200 SMA. The next goal remains the resistance level of 81.50, which could be reached this week.

H4 chart: The USDX is trying to make a breakout on the resistance level of 81.02, with the formation of a bullish pattern and a fractal. If successful, the next target would be the resistance level of 81.40, so the USDX would consolidate strongly in the bullish bias. For now, the USDX remains above the 200 SMA.

H1 chart: The USDX has been forming a lower high pattern above the support level of 80.93 and the 200-day moving average, which has helped to strengthen the bullish intraday trend on the USDX. If the USDX does make a breakout on the resistance level of 81.19, it's expected to rise to the level of 81.40. The MACD indicator is in the overbought zone.

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 81.19, take profit is at 81.40, and stop loss is at 80.98.

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Daily analysis of GBP/USD for July 28, 2014 Trend News

Daily chart: The GBP/USD has made a breakout of the support level of 1.7000, which clears the way for the pair to fall to the support level of 1.6851 in the medium or long term. The weakness of the GBP/USD in this chart could continue, as the bearish trend has been strong from the resistance level of 1.7169. However, a consolidation above the level of 1.7000, could lead this pair up to a resistance level of 1.7170.

H4 chart: For now, the GBP/USD stays below the 200 SMA with the formation of a bearish pattern, as the next target of this pair would be the support level of 1.6920. If the GBP/USD makes a breakout at the support level of 1.6900, it's expected to fall to the support level of 1.6841. The MACD indicator is oversold.

H1 chart: Friday's session was somewhat slow for GBP/USD movements, which remained below the resistance level of 1.7000, the next target is the support level of 1.6950. A breakout at that level could make this pair to fall to the support level of 1.6900 in the short term.

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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