07/30/14 ~ Best and Easy Analyst News

Wednesday 30 July 2014

Technical analysis of GBP/JPY for July 31, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/JPY pair rose through the 174.20 levels yesterday. Please note that the pair is trading close to potential fibonacci 0.618 resistance, around the same levels (174.20/30) as depicted here. A bearish reaction can be expected here.

2. Support is seen at 173.00 followed by 172.50 and lower, while resistance is seen at 174.50, followed by 175.30 and higher respectively.

3. The structure indicates that GBP/JPY could fall below 170.00 levels, provided prices stay below 174.50.

Trading recommendations:

Initiate short positions now, stop at 174.80, target is open.

Good luck!

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Technical analysis of GBP/JPY for July 31, 2014 Trend News

After five days of consolidating at 50DSma, finally the pair took support at 50DSma in yesterday's session and moved to a weekly high and breached the 20DSma, closed above that. The pair has strong resistance between 174.27-174.54. We can see fresh up move, only above 174.54 levels towards the new high. On the down side, it has support at 173.60, 173.35 and 172.90.

For an intraday basis, the pair exactly touched the break down support trend line, now it became resistance. The pair has been making strong resistance at 174 (14hr high) and support at 173.84 (14hr low).

Trading range is 173.84-174

On the down side, if it hits 173.84, it can extend its fall up to 173.40-173.30, 173.15 and 173. The pair is trading above the 21HrSma and 34Hr Sma. Prices in the near term close above the hourly moving averages. As long as prices close above these, technicals remain strong: only closing/sustaining below it would reverse the near-term trend.

Intraweek trading range is between 174.54-173

Intraday recommendation-

Sell with sl 174.54

Buy only above 174.54

Technical analysis on EUR/JPY for July 31, 2014 Trend News

The pair successfully breached the 200DEma and exactly closed at that level after making a minor double bottom at 136.63. The pair took the parallel support at 136.20, made a low at 136.36, and started moving higher. The oversold daily RSI helped the pair hit a weekly high. The pair is facing strong resistance at 138.20 50WSma, 138.30 50DSma and the lower end of the symmetric triangle. A day close above 138.30, we can see strong short-term bull power towards 139.25 and 140 levels.

Trading range 136.20-136.63-138.30

Weekly resistance 138.30

Weekly support 136.63

Intraday cmp 137.77

The pair is trading above the 21HrSma, 34HrSma and 35Dema that is a bullish sign in the near term, above the near term moving averages. As long as prices close above it, technicals remain strong: only closing/sustaining below it would reverse the near-term trend.

Support

21 Hr Sma 137.15

34 Hr Sma 136.90

For hourly trading (speculators), sell at the cmp at 137.77 for a small target at 137.60 (12 hr low), below this, 137.46, 137.40, 137.30 and 137.15. Use a dip to buy at 137.15-136.90 if it comes. On the upper side, above 137.85, it will fly up to 138.05 and 138.15 levels.

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Technical analysis of GBP/USD for July 31, 2014 Trend News

The correction is going on, the pair fell below the 1.69 levels, but held the support at the 61.8 fib level. The pair recovered quickly from the 61.8 fib level and is trading above 1.69 levels. The pair is facing the initial strong resistance at 1.6923 (previous parallel low), above this, 1.6945 (50.0 fib level), 1.6975 (50DSma) and 1.70. In the daily chart, the daily momentum oscillators are indicating an oversold level.

Intraweek

Support 1.6880 1.6850 1.6792

Resistance 1.6923 1.6945 1.70

Until the pair closes below the 1.70 level, selling on a rise is the best strategy. On the down side, if the pair hits the 61.8 fib level, it can extend its fall up to 1.6845 (June 06, 2014) and 1.6785 (80 fib level).

Intraday cmp 1.6916

The cable is trading below the hourly moving averages. The pair has strong resistance at 1.6928 (35HrDema), 1.6955 (21HrSma) and 1.70 and support is at 1.69, 1.6889 and 1.6880.

Intraday- buy with sl 1.6880

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Technical analysis of EUR/USD for July 31, 2014 Trend News

As expected, the Fed cut another $10 billion from the asset purchase program. The second quarter GDP numbers were printed beyond expectations. The US economy grew strongly in Q2 at a 4% seasonally adjusted annual rate. On the other hand, the labor market is improving, with the declining unemployment rate. These activities made the dollar stronger and pushed EUR/USD towards 1.3366 levels.

The pair reached the 50MSma in yesterday's trade and managed to stay above it. If the pair closes below 1.3397 (50MSma), the pair will again push to 1.3295 levels (November 2013 low).

Bearish views-

The 50MSma at 1.3397 was hit.

Trading below the 200WEma at 1.3425- short-term negative

Trading far below the 50WSma at 1.3621- short-term negative

Trading below the 50DSma and 200DEma- near-term negative

Intraweek

support: 1.3345 1.3320 1.3295

Resistance: 1.3444 1.3468 1.35

Intraday- cmp 1.3397

The pair has just climbed above the 35HrDema and is trading below 21HrSma and 34HrSma that is one more bearish sign.

Support 1.3390 1.3366 1.3345

Resistance 1.3420 1.3444 1.3475

Sell on the rally with sl 1.3450 or buy only above 1.3450 .

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Technical analysis of GBP/USD for July 31, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/USD tested 1.6900 yesterday before closing the day above 1.6900. Finally it looks like the pair has finished its first down leg, and a meaningful retracement can be expected towards 1.7080 levels.

2. Support is seen at 1.6880 (interim), followed by 1.6750 and lower while resistance is seen at 1.6950, followed by 1.7000 and higher respectively.

3. The structure indicates that GBP/USD could stage a counter rally into 1.7080 levels before reversing.

Trading recommendations:

Long now, stop at 1.6850, target is at 1.7080.

Good luck!

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Technical analysis of USD/CHF for July 31, 2014 Trend News

Technical outlook and chart setups:

1. The USD/CHF pair rose above the 0.9100 levels as seen here. Please note that the next potential fibonacci resistance is at 0.9120/30 levels and the pair could still test those before pulling back. No doubt, that the pair has picked up the trend but a reasonable dip would be required to enter longs; interest is around 0.9000/20 levels.

2. Support is seen at 0.9030, followed by 0.9000, and lower while resistance is seen at 0.9120/30 respectively.

3. The structure indicates that USD/CHF is a clear buy on dips trade setup for now.

Trading recommendations:

Remain flat for now, wait for a dip around 0.9000 levels to go long.

Good luck!

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Technical analysis of USD/JPY for July 31, 2014 Trend News

Technical outlook and chart setups:

1. The USD/JPY pair steered clear above the 103.00 mark yesterday taking stops out. As seen here, the pair forming a falling wedge on the daily chart view as seen here. Also the pair has reached a fibonacci resistance above 103.00 levels. A bearish reaction here, and push below 102.50 would accelerate downside to test/break 100.80 levels.

2. Support is seen at 102.00, followed by 101.30, 100.80 and lower, while resistance is seen at 104.00, followed by 104.70 and higher up respectively.

3. The structure indicates that USD/JPY could produce a bearish reaction at current levels. 104.00 remains key for a confirmed upside potential.

Trading recommendations:

Aggressive setup would be to go short, with a stop above 104.00, while conservative setup is to remain flat for now.

Good luck!

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Technical analysis of EUR/USD for July 31, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/USD 4H chart view is showing bullish divergence for now, indicating that the pair may pullback towards at least 1.3480 levels before drifting lower. It is pretty much clear that the pair has resumed its over all bearish trend.

2. Support is seen at 1.33 followed by 1.32 (fibonacci supports) and lower while resistance is seen at 1.3480 (fibonacci 0.382), followed by 1.3540 and higher respectively.

3. The structure indicates that EUR/USD is potentially a sell on rallies pair. Levels of interest are 1.3480 and 1.3540.

Trading recommendations:

Remain flat for now, look to sell higher up. Aggressive setup would be to initiate long positions, stop below 1.3350, target is 1.3480.

Good luck!

Technical analysis of NZD/USD for July 31, 2014 Trend News

Technical outlook and chart setups:

1. The NZD/USD pair is seen to be pulling back for now from 0.8460 levels as seen here. Please note that resistance is around 0.8575/80 levels, where backside of trend line is also seen to be passing through. The pair is expected to reverse from those levels.

2. Support is seen at 0.8400 levels, followed by 0.8350, 0.8250 and lower while resistance is seen at 0.8575.80, followed by 0.8720, 0.8830 and higher respectively.

3. The structure indicates that NZD/USD remains sell on rallies into 0.8575/0.8600 for now.

Trading recommendations:

Remain flat for now, sell on rallies through 0.8575/80

Good luck!

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Technical analysis of Silver for July 31, 2014 Trend News

Technical outlook and chart setups:

1. Silver is holding $20.40 levels for now, and probabilities are ripe for a rally into $21.00/10 before retracing further towards $19.90/$20.00 levels. The metal is just in a counter trend, and very much remains a buy on dips.

2. Support is seen at sub $20.00 levels (interim), followed by $19.60, $18.60 and lower while resistance is seen at $21.50/70, followed by $22.30 and higher respectively.

3. The structure indicates that silver remains buy on dips towards sub $20.00 levels.

Trading recommendations:

Hold on to long positions, stop at $20.10/20, target is $21.00.

Good luck!

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Technical analysis of Gold for July 31, 2014 Trend News

Technical outlook and chart setups:

1. Gold has printed lows below $1,293.00 yesterday stopping the long positions initiated. The metal could still stage an aggressive counter trend rally towards $1,323.00 levels before falling back towards $1,280.00. In any case, the metal remains a buy on dip strategy.

2. Support is seen at $1,287.00 (interim), followed by $1,280, $1,260.00 and lower while resistance is seen at $1,340.00/50, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold remains buy on dips and levels of interest is $1,280.00.

Trading recommendations:

Initiate 50% long positions now, stop below $1,280.00, target is open.

Good luck!

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Daily analysis of USDX for July 31, 2014 Trend News

Daily chart: The USDX has finally hit the resistance level of 81.50, where it is very likely that the USDX start forming a bullish pattern with corrective movements, because the USDX has been in a bullish trend quite pronounced. If the USDX does make a breakout at that level, the next target would be the level of 82.51.

H4 chart: The USDX is trying to make a breakout at the level of 81.55, where is located one bullish trend line. If successful, it is expected to rise to the level of 82.00. However, the USDX could make a pullback and fall back to the level of 81.02. The MACD indicator remains in positive territory.

H1 chart: The USDX is forming a bullish pattern above the support level of 81.40. During yesterday's session, the USDX had a strong bullish momentum. If the USDX does make a breakout on the resistance level of 81.58, it's expected to rise to the level of 81.73 in the short term. The MACD indicator is in 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 resistance level is at 81.40, take profit is at 81.58, and stop loss is at 81.21.

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Daily analysis of GBP/JPY for July 30, 2014 Trend News

Overview

From the today's H4 chart and as it was expected yesterday, the pair might take a new bullish signal in case of closing 4H above the resistance level of 173.30 after it was tested yesterday. Today, the pair took an upward movement and managed to break the strong resistance area of 173.30 then 173.75, but immediately it has bounced again from the resistance level of 173.75 to reverse its upward direction and currently the price is trading around this resistance area. More bullish signals are still expected in case of closing above this resistance area with the first target few pips below the resistance level of 174.00, hence we should wait for more confirmations before making the decision.

Resistance and support levels: R3 (175.00), R2 (174.40), R1 (173.75), S1 (173.30), S2 (172.60), S3 (172.20).

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Daily analysis of Silver for July 30, 2014 Trend News

Overview

Based on the 4H chart above, silver is still stabilizing between the support level of 20.50 and the resistance level of 20.70 after its rebounded from the resistance yesterday. If silver continues its bearish move and manages to break the support level of 20.50, it will produce a strong indicator for the downward move and open the way towards the support level of 20.20. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this resistance level will denote a bullish strength providing new buy signals from this level till reaching the resistance level of 21.00, then 21.20.

Resistance and support levels: R3(21.00), R2 (20.70), R1 (20.50), S1 (20.20), S2 (20.00), S3 (19.75).

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GBP/USD intraday technical levels and trading recommendations for July 30, 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.

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 and 1.7000 failed to provide enough support for the pair. Hence, the bears had potential bearish target around 1.6970 then 1.6920 which is being approached today.

DAILY Fixation below 1.6980-1.7000 applied intensive bearish pressure on the price zone of 1.6920-1.6900 leading to its breakdown.

Price levels around 1.6820 remains the nearest support level to meet the pair as it corresponds to the previous significant top established in February 2014.

Price action should be watched around 1.6820 to consider the next destination of the GBP/USD pair.

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USD/CAD intraday technical levels and trading recommendations for July 30, 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.

As expected, a valid BUY entry was suggested. Expected targets got visited around 1.0750 and 1.0820.

The USD/CAD pair has a strong resistance level located around 1.0830 (61.8% Fibonacci Level) which got broken to the upside by yesterday's daily candlestick.

The price zone around 1.0940 (50% Fibonacci Level ) remains the nearest resistance level that comes to meet the pair. Bearish rejection may be anticipated at retesting especially after such a long bullish rally off 1.0710.

On the other hand, the price zone of 1.0760-1.0775 remains as the nearest support to meet the pair. It's the upper limit of the recent congestion zone that got broken.

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Intraday technical levels and trading recommendations on GBP/JPY for July 30, 2014 Trend News

Recent bottoms were established around 169.55 and 171.05 (corresponding to the lower limit of the depicted bullish channel).

These bottoms prevented further bearish decline each time the pair visited them and provided enough buying pressure to keep pushing higher.

The bulls have reached the upper limit of the depicted channel located roughly at 175.35 where bearish pressure was expressed obviously.

Since then, the GBP/JPY pair has been downtrending approaching 50% Fibonacci Level around 172.45.

The bears need to keep their 4H closure below 172.45 in order to pursue towards further bearish targets.

Note the bullish pressure being expressed at 172.60 when the bears challenged previous daily low around 172.70.

Indecisive daily closures are displayed on the DAILY chart (representing the market hesitation), so SELLERS should be conservative with their targets.

In case the bulls managed to establish a bottom around the current prices, the price zone around 174.40 will be the next bullish destination for the current swing.

However, if the bears manage to breakdown the zone between 172.45 - 171.80, sellers should extend their targets towards 171.00 initially.

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Intraday technical levels and trading recommendations on EUR/USD for July 30, 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.

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 applied enough pressure on 1.3560 (corresponding to the previous prominent bottom) exposing 1.3500 which was broken down shortly after.

Note that Bullish fixation above 1.3480 - 1.3500 is essential to recover and acquire momentum strong enough to initiate a bullish corrective move within the current steep bearish trend.

Breakdown of 1.3500 invalidated the bullish structure allowing the bears to pursue towards the price level of 1.3420 (Fibonacci Expansion 100%).

Bullish pressure may be initiated around the current prices provided that the bears fail to fixate below 1.3400 on a daily basis.

However, the current short-term trend remains intact until proven otherwise. So, the bulls should be conservative with their long positions as the bearish trend could be resumed anytime towards 1.3360 (where 127.2% Fibonacci Expansion level is located).

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Elliott wave analysis of EUR/NZD for July 30, 2014 Trend News

Today's support and resistance levels:

R3: 1.5900

R2: 1.5868

R1: 1.5812

Current spot: 1.5755

S1: 1.5745

S2: 1.5730

S3: 1.5713

Technical summary:

We have seen the expected minor correction to 1.5745. Soon, we will see renewed upside pressure for a break above 1.5796 for a rally closer to the 200% extension target at 1.5900. In the longer term, we are looking for much higher levels closer to 1.6203 and a break above here, will open up for a rally to 1.6996 and the next major upside target.

Trading recommendation:

We are long in EUR from 1.5525 and will keep our stop at 1.5695. If you are not long in EUR yet, then buy EUR near 1.5745 with the same stop at 1.5695.

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Elliott wave analysis of EUR/JPY for July 30, 2014 Trend News

Today's support and resistance levels:

R3: 137.25

R2: 137.11

R1: 137.03

Current spot: 136.93

S1: 136.86

S2: 136.76

S3: 136.62

Technical summary:

We saw a spike to 137.11 yesterday, just above our expected resistance at 137.01. This spike lifts the downside target to 136.10, but it changes no more than that. We are currently looking for resistance at 137.03 as well as for a break below support at 136.82. More importantly, a break below 136.76 calls for the expected decline to 136.10. In the longer-term, we are still looking for a move closer to 134.34, where we will find the equal target between wave (A) and (C).

Trading recommendation:

We are short in EUR from 137.20 and will move our stop close to 137.30. If you are not short in EUR yet, then sell near 137.03 with the same stop at 137.30.

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Technical analysis of NZD/USD for July 30, 2014 Trend News

Trading recommendations :

The NZD/USD pair on July 30, 2014.

The resistance is going to set at the level of 0.8570. Also, it should be noted that the level of 0.8450 represents strong support. Consequently, the descending movement will probably be lower than the 0.8520 level with the targets at 0.8475 and 0.8450. On the contrary, the support has already set at 0.8450 and the double bottom sets at the price of 0.8404. Furthermore, it should be noted that it will very profitable to buy above this level to retesting this level for a short period. Therefore, buy deals are recommended above the 0.8404 level with targets at 0.8470 and 0.8625 to reach the double top.

Intraday technical levels :

Date :30/07/2014

Pair :NZD/USD

R3: 0.8606

R2: 0.8566

R1: 0.8535

PP: 0.8495

S1: 0.8464

S2: 0.8424

S3: 0.8393

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Technical analysis of USD/CHF for July 30, 2014 Trend News

Trading recommendations :

The USD/CHF pair is going to move between the prices of 0.9102 and 0.8950. It should be noted that the key level is set at the level of 0.8950 because it represents a strong support and it coincides with the weekly pivot point. Additionally, we expect a sideways trend on July 30, 2014 and a range around 152 pips from now to the 1st of August 2014. Equally important, the double top will be formed at the 0.9125 level but it seems the price is going to break this level in order to continue towards the level of 0.9160. As it is known, history will probably repeat itself at this level again. Therefore, it will a good sign to sell below 0.9160 with the first target of 0.9100. It will call for a downtrend in order to continue its bearish movement towards 0.9045. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above 0.9160 at the price of 0.9185.

Notes :

It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to resistance 1 or support 1.

But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

The resistance will set at the level of 0.9160 this week.

The double top is going to set at the 0.8950 price.

The area of 0.9160 is useful spot to sell in the long term.

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Technical analysis of USD/CAD July 30, 2014 Trend News

Technical outlook and chart setups:

1. The USD/CAD pair had bounced off the longer-term support trend line around sub 1.0600 levels as seen here and has subsequently taken out the counter trend line resistance as well. There is no major resistance before 1.0950 levels as seen here. Any dips should be taken as an opportunity to initiate long positions.

2. Support is seen at 1.0800, followed by 1.0710, 1.0600 and lower while resistance is seen at 1.0900, followed by 1.0950, 1.1050 and higher up respectively.

3. The structure indicated that the USD/CAD pair is a clear buy on dips now. Levels of interest is around 1.0710/20.

Trading recommendations:

Remain flat for now. Look to buy on dips.

Good luck!

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Technical analysis of GBP/USD for July 30, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/USD pair looks to have done its first downswing around 1.6930 levels and should be looking to pullback in a corrective manner. However, a push below 1.6900 could trigger fresh bearish moves into the 1.6700's.

2. Support is seen at 1.6900, followed by 1.6700/20 while resistance is seen at 1.7090/1.7100, followed by 1.7190 respectively.

3. The structure indicates that GBP/USD could be sold on rallies towards 1.7090 levels in the sessions to come.

Trading recommendations:

Prepare to sell around 1.7090 levels, stop 1.7200, the target is open.

Good luck!

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Technical analysis of USD/CHF for July 30, 2014 Trend News

Technical outlook and chart setups:

1. The USD/CHF pair is inching ahead towards its projected upside targets of 0.9080 and 0.9120 respectively. Intraday dips are possible though and those should be considered as an opportunity to initiate long positions.

2. Support is seen at 0.9030, followed by 0.9000, 0.8970 and lower while resistance is seen at 0.9080 and 0.9120 respectively.

3. The structure indicates that USD/CHF should be bought on dips for now. Aggressive setups could be to sell, using strict stops though.

Trading recommendations:

Looking to buy low around 0.9000 levels for now.

Good luck!

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Daily analysis of major pairs for July 30, 2014 Trend News

EUR/USD: This pair has continued its weakness, as forecasted earlier this week. The market is now trading below the resistance line at 1.3450, going towards the support line at 1.3400. Meanwhile, the above-mentioned resistance line and the one at 1.3500 would act as an obstacle to any attempts by the bulls to drive up the price.

USD/CHF: The Greenback is currently displaying a huge amount of stamina. This is also evident in the fact that it is going upwards against the Yen (in contrast to what is happening to other JPY pairs). The market is going north climbing above the support level at 0.9050. The next target is at the resistance level at 0.9100.

GBP/USD: The Cable has been going further downwards as predicted. The major outlook on the market is bearish and the price may test the accumulation territory at 1.6900. The distribution territory at 1.6950 could serve as an immediate impediment to the market effort to rally significantly.

USD/JPY: Surprisingly, the USD/JPY pair was able to break the support level at 102.00 to the upside. The price has closed above that support level and the next target in the market is now the supply zone at 102.50. In the chart, the price is vividly above the EMA 56 and the RSI period 14 is above the level 50. This is a Bullish Confirmation Pattern in the chart – something that ensures that the price goes further upwards.

EUR/JPY: This is a weak market as the overall bias is bearish. However, the movement so far this week can be termed as ‘a consolidation to the upside,’ in the context of a downtrend. This should be contained at the EMA 56.

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#USDX Technical analysis for July 30, 2014 Trend News

The Dollar index remains in a strong up trend. I expect it to remain in this trend at least towards 81.75. Yesterday, we made a clear break above the previous high at 81. The Dollar index continues to make higher highs and higher lows and remains inside the upward sloping channel as shown in the charts below.

The Ichimoku cloud is below the current price. The break above 81-81.05 has pushed the index towards 81.30 which was our short-term target. Support at 80.95 was held and has now risen towards 81.10. Breaking below the 81.10 support will give me a short-term sell signal that could push the price towards 80.95. The tend remains upward as long as the price is above 80.50.

The daily chart continues to support our bullish view in the Dollar index. The trend remains up. The price is above the ichimoku cloud and inside the upward sloping channel. My target is 81.75 but I cannot rule out a move higher even above 82. The trend is strong and I expect it to remain strong in favor of the Dollar. We might see a pull back towards 80.70-80.80 but I believe it will be a buy opportunity.

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Gold Technical analysis for July 30, 2014 Trend News

The Gold price pulled back yesterday as expected by our analysis since the price has reached important resistance levels. The Gold price has been rejected at the important resistance level of $1,312 where the Ichimoku cloud and the 61.8% retracement are. This rejection favors bears but we will need to see a follow-through today after the Fed policy announcements.

The Gold price is still below the Ichimoku cloud showing that the short-term trend remains down. The Gold price has made a lower high yesterday at $1,312 and is pulling back down. However, the form of the rise from $1,287.50 lows is promising for the bulls as it consists of 5 waves. So, today is a critical day for Gold as volatility is expected to rise. Our longer-term bearish scenario will be in danger if the Gold price breaks above $1,312. Breaking above $1,312 will be a buy signal that will most probably push the Gold price towards $1,326-$1,345-$1,360 targets. If support at $1,287 is broken, then our bearish view will be confirmed.

A daily close below $1,287 will open the way for a downward move towards $1,260 if not lower. The daily chart shows that the Gold price is above Ichimoku cloud support. We need a new lower low for the trend to change on a daily basis. Our preferred scenario remains the bearish one targeting $1,000 per ounce.

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Technical analysis of USD/JPY for July 30, 2014 Trend News

Technical outlook and chart setups:

1. The USD/JPY pair is seen to be stalling at fibonacci 0.618 resistance around 102.20/24, of the fall between 102.80 and 101.00 as seen here. Only a push through the 102.50 region would be bullish for the pair. Recommendations are to remain short, risk is above 102.50.

2. Support is seen at 101.70/80, followed by 101.00 and 100.80, while resistance is seen at 102.50, followed by 102.80 and higher respectively.

3. The structure indicates that USD/JPY should resume its intermediate downtrend from the current levels.

Trading recommendations:

Remain short, stop at 102.60 or above, target is open.

Good luck!

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Technical analysis of EUR/USD for July 30, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/USD pair is moving towards its lower end initial targets of 1.33 and 1.32 at the moment. Intraday pullback/rallies are possible towards 1.3510/20 before the lower ends are met. Recommendations are to initiate short positions around 1.3510/20 levels.

2. Support is seen at 1.3380, followed by 1.33 and lower while resistance is seen at 1.3510/20, followed by 1.3580/1.3600 and higher respectively.

3. The structure indicates that EUR/USD has resumed its long-term down trend and rallies should be sold into.

Trading recommendations:

Selling rallies into 1.3510/20 is preferable.

Good luck!

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Technical analysis of Silver for July 30, 2014 Trend News

Technical outlook and chart setups:

1. Silver has fallen back into the support region around the $20.40 levels yesterday. The metal may be preparing for an other run towards the $21.20 region before retracing further low. Recommendations are to initiate long positions, risk remains just below $20.40.

2. Support is seen around $20.00, followed by $19.50/60 and lower while resistance is seen at $21.50/70, followed by $22.30 and higher up respectively.

3. The structure indicates that Silver is preparing to extend rally at least into $21.20 levels for now.

Trading recommendations:

Initiate long positions, stop at $20.20, target is open.

Good luck!

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Technical analysis of Gold for July 30, 2014 Trend News

Technical outlook and chart setups:

1. Gold has pulled back sharply towards intermediate support levels around the $1,295.00 levels yesterday. It looks like there is still upside left before the metal could fall back towards the $1,280.00 support levels. Recommendations are to initiate long positions, risk remains at $1,293.00.

2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00/30 and lower while resistance is seen around $1,330.00/40, followed by $1,350.00/60.00 and higher up respectively.

3. The structure indicates that Gold could possibly rally into the $1,323.00/27.00 region before pulling back.

Trading recommendations:

Initiate longs, stop at $1,293.50, target $1,323.50.

Good luck!

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Technical analysis of EUR/JPY for July 30, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is drifting sideways since a morning star was produced last week just ahead of 136.00/20 levels. The pair needs to clear 137.50 at least, to resume a meaningful retracement. Recommendations are to remain flat for now and await further directional confirmation.

2. Support is seen at 136.00/20 levels, followed by 134.00 and lower, while resistance is seen at 137.50, followed by 138.50, 139.30 and higher respectively.

3. The structure indicates that EUR/JPY remains sideways for now within the longer-term down trend. Selling higher would be a good strategy.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for July 30, 2014 Trend News

General overview for 30/07/2014 07:50 CET

The top for the green wave (ii) looks to be in place. Now, the market should continue with impulsive bearish wave progression to the downside. The invalidation line for this cycle is at the level of 137.25. The price is still staying under the golden trendline level and under intraday resistance at the level of 137.33. Only a clear, sustained breakout higher above the level of 137.25 would invalidate a simple abc purple corrective scenario. Breakout above the level of 137.32 invalidates the main outlook and puts the alternative scenario into play.

Support/Resistance:

136.23 - WS1

136.36 - Wave 1 Low

136.62 - Intraday Support

136.78 - Weekly Pivot

136.92 - Intraday Resistance

137.25 - Invalidation Level

137.21 - WR1

137.32 - Intraday Resistance

137.50 - 137.63 - Key Level for Bears

Trading recommendations:

Day traders should still keep the short orders from the level of 136.95 open, with SL above the level of 137.25 and TP at the level of 136.23 with a possible downside extension.

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