Forecast of Crude oil for August 01, 2014 Trend News

The oil prices pushed to a 4-month low. The prices made a low at 97.64 near the strong support zone. The price has support at 97.35 (March 17, low). The price made a minor double bottom at 97.64. As of now, in today's Asian session, the price held the previous day low and trading at 98. We recommend selling only below 97 levels, which is a last hope for the bulls in the short term.

Bearish views-

Trading far below the 50DSma

In yesterday's session, the pair hit and closed below the 200DEma and 200DSma.

Positive factors

Last hope at 50WSma 97.10-97

In the daily chart, daily momentum oscillators are indicating an oversold level.

Fresh selling is below 97 for 96.60, 96.25 and 96

Resistance 99 99.60

Risky trades can buy with sl 97

Intraday cmp 98

The prices are close below the hourly moving averages. The extremely oversold levels in the H4 oscillators are helping the price to push a bit higher. The price has resistance at 12ema (99), 21HrSma100, 34HrSma (100.60). On the lower side, if the price hits the previous day low of 97.66, it can extend its fall up to the nearest strong support at 97.35-97.10-97 levels.

Positional - buy with sl 97 on a closing basis.

Intraday- risky - buy with sl 97.60 or sell below 97.60.

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Forecast of Gold for August 01, 2014 Trend News

The yellow metal was pushed towards a 6-week low. Traders raised their bets in the US economy that it will grow at a faster pace. The US dollar was strengthened by the GDP data, fuelled by the optimism in the US economy. The metal hit the 50DSma at $1,295 and 200DSma at $1,287 in yesterday's session, closed below these levels. In today's Asian session the pair is facing strong resistance at 200DSma $1,286.50, made a high at $1,284.50. The 61.8 fib level saved the metal from drifting back to much lower.

Resistance $1,286.50 $1,294 $1,300

Support $1,280 $1,276 $1,270

Hourly trading cmp $1,283.20

The metal is trading below the 21HrSma $1,296, 34HrSma $1,297 and 12ema $1,290 levels, prices closed below these levels. Until the price trades below 21HrSma and 34HrSma, the hourly trading favors bears.

We recommend a safe buy only above $1,290 for $1,293, $1,295 and $1,297. Strong momentum is only above $1,298 towards $1,300, $1,302 and $1,303.50 levels.

Support $1,279.50 $1,275 $1,272

Positional- Below $1,280, it will fall up to $1,275, $1,273, $1,267, $1,260 and $1,258 within strong support at $1,268.

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Intraday recommendation of GBP/USD for August 01, 2014 Trend News

The cable pushed towards 20WSma at 1.6857, and is trading above that. In yesterday's session, the cable hit the 61.8 fib level and exactly closed at that level. The daily momentum oscillators are indicating an oversold level. On the down side, it has strong support at 1.6857, 1.6785 (80 fib level) and 1.6763 (30WSma) levels. Resistance is at 1.6923, 1.6975 and 1.70 levels. Until the pair trades below 1.70, the bears will have the grip in the new month as well.

Support 1.6857 1.6785 1.6763

Resistance 1.6925 1.6955 1.70

Intraday cmp 1.6878

In the Asia's session, the pair is trading below the hourly moving averages, 21HrSma and 34HrSma. Until the prices closes below it, the bears will take the pair this day. The pair made a double top at 1.6893 (8h double top) and was rejected thrice at 35Dema. We recommend to buy only above 1.69 (12ema) for 1.6927 and 1.6945-1.6955. The hourly Stochastics is giving a minor positive divergence in the H4 chart. Traders are eyeing NFP data.

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Review of EUR/USD for August 01, 2014 Trend News

EUR/USD

The signs of strengthening in the US economy, traders raise their optimism towards the US dollar. The dollar posted a bigger monthly gain against the Euro. The unexpected GDP pushed the pair towards an 8-month low.

Bearish view-

The pair hit the 50MSma and is trading below 1.3420.

Trading far below the 200WEma, 50WSma and 50DSma& 200DEma- highly bearish.

Monthly resistance 1.37

The pair made multi-month resistance at 1.37 (June and July). As we recommended earlier, until the pair trades below 1.37, we can see 1.3450, 1.3295 and 1.3210. It made a low at 1.3366 and is still waiting for the rest.

Intraday cmp 1.3390

In Asia's session, the pair is trading above 35HDema and still below 21HSma and 34HSma. On an hourly basis, the pair has still been closing below 12ema rejected on July 29 and still prices close below that.

Resistance 1.34 1.3420 1.3440

Support 1.3380 1.3360 1.3295

12ema 1.34

Above 12ema, it can fly up to 1.3420 and 1.3440, but strong up move is only above 1.3440.

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Daily analysis of major pairs for August 1, 2014 Trend News

EUR/USD: This market remains weak, and it would continue to be so because of the perceived weakness in the EUR and the perceived strength in the USD. There could be some rallies in the market, which would be temporary even if the price tests the resistance line at 1.3450. The price may end up testing the support line at 1.3350 today or next week.

USD/CHF: This market remains strong, and it has tested the resistance level at 0.9100. This is an area where certain bulls would want to take their profits, for there is an expectation of some bearish correction in the market. For the bearish correction not to pose a threat to the bullish outlook on the market, it must not take the price below the support level at 0.9050. Meanwhile, the aforementioned resistance level should be broken to the upside, if the bullish bias is to continue.

GBP/USD: This is also a weak market – with a very strong bearish bias on it. The market should continue to be bearish, going towards the accumulation territory at 1.6850 (an easy target for the bears).

USD/JPY: The weakness in the Yen and the present energy of the Greenback has caused a Bullish Confirmation Pattern on this currency trading instrument. The price is above the EMA 56 and the RSI period 14 is above the level 50. The price needs to stay above the demand level at 120.50, so that the bullish outlook can continue to be valid.

EUR/JPY: The EUR/JPY was able to break the demand zone at 137.50 to the upside. The price needs to stay above that demand zone so that the new bullish bias could continue to be valid. Any movement below the demand zone could override the new bullish signal. The next target for the bull is at the supply zone of 138.00.

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Daily analysis of USDX for August 01, 2014 Trend News

Daily chart: The USDX found resistance at the 81.50 level, since the USDX has made a pullback at that level. In addition, the USDX could start making corrective movements, because the USDX has been very overbought, so it is very normal for the USDX moves in range for a few days.

H4 chart: The USDX is trying to establish itself over the bullish trend line at the level of 81.45. However, keep in mind that the USDX has formed two fractals above this level, so the USDX could make a pullback and fall to the support level of 81.02. The MACD indicator is in the overbought zone.

H1 chart: The USDX has found resistance near to the 81.58 level, so the USDX continues to move in a range above the support level of 81.40. If the USDX does make a breakout at the level of 81.58, it's expected to rise to the resistance level of 81.73, which would strengthen the bullish trend. 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 81.58, take profit is at 81.73, and stop loss is at 81.44.

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Daily analysis of GBP/USD for August 01, 2014 Trend News

Daily chart: The GBP/USD has touched the support level of 1.6851, where it is very likely that this pair begin to form a bearish pattern since the GBP/USD has been oversold in recent days, after a prolonged bearish trend started from the resistance level of 1.7169. If the pair manages to make a breakout at the 1.6851 level, it's expected to fall to the level of 1.6766. The MACD indicator is in negative territory.

H4 chart: The GBP/USD is trying to form a bearish pattern below the resistance level of 1.6900. If this pair does consolidate below the 1.6820 level, it's expected to fall to the support level of 1.6762. However, if the GBP/USD manages to make a breakout at the 1.6920 level, it's expected to rise to the level of 1.7000. The MACD indicator is entering neutral territory.

H1 chart: This pair has made a breakout level of 1.6900, so the GBP/USD is trying to consolidate below the support level of 1.6850. If successful, it is expected to fall to the 1.6800 level in the medium term. For now, the GBP/USD is very strong in the bearish trend. 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 1.6850, take profit is at 1.6800, and stop loss is at 1.6900.

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USD/CAD intraday technical levels and trading recommendations for July 31, 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.

Solid resistance existed 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 Tuesday'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 level of 1.0775 remains the nearest support to meet the pair where a valid BUY entry may be taken with Stop Loss below 1.0715.

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GBP/USD intraday technical levels and trading recommendations for July 31, 2014 Trend News

Bullish breakout above the DAILY bearish channel previously exposed the price levels around 1.6900, and 1.7000 as projection targets.

Bullish pressure was once applied as a trial to break 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.

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 knowing that price level of 1.6855 showed obvious bullish recovery at retesting that took place today.

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

Overview:

USD/JPY is excpected to consolidate with a bullish bias after hitting a three-week high at 103.15 on Wednesday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 81.42 versus 81.21 early Wednesday) on stronger-than-expected 4.0% annual growth in U.S. 2Q GDP (versus forecast +3.0%), higher U.S. Treasury yields (two-year yield rose as high as 0.591%--highest since May 2011). USD/JPY is also supported by the demand from Japanese importers. But USD sentiment is dented by the weaker-than-expected 218,000 increase in ADP U.S. July private sector jobs (versus forecast +238,000). USD/JPY gains are also tempered by Japan's export sales. Mixed reaction to Federal Open Market Committee's long-awaited decision to cut its monthly bond purchases by another $10 billion to $25 billion overnight as the Federal Reserve made no change to its expectation that policy would stay accommodative for a "considerable time" after the program ends. The Fed took note of improvement in the labor market and that inflation has moved closer to the central bank's longer-run objective. However, policymakers said a range of the labor market indicators suggests that significant underutilization of labor resources is still valid, and the recovery in the housing sector remains slow. Overnight, the VIX fear gauge rose 0.38% to 13.33, S&P 500 was up 0.01% at 1,970.07, while DJIA slipped 0.19% to 16,880.36.

Technical comment:
The daily chart is positive-biased as the five-day moving average is above 15-day MA and is advancing, MACD and stochastics are bullish, although the latter is in the overbought 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 103.15 and the second target at 103.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.40. A break of this target would push the pair further downwards and one may expect the second target at 102.15. The pivot point is at 102.55.

Resistance levels:

103.15

103.40

103.75

Support levels:

102.40

102.15

101.85

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

Overview:

USD/CHF is expected to consolidate with a bullish bias after hitting a six-month high at 0.9110 on Wednesday. CHF sentiment is dented by the lower-than-expected Switzerland July KOF economic indicator of 98.1 (versus 100.6 in the forecast). USD/CHF is also supported by the positive dollar sentiment and dovish Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. The daily chart is positive-biased as MACD is bullish, stochastics is staying elevated in the overbought zone; five and 15-day moving averages are 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 0.9130 and the second target at 0.9155. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9050. A break of this target would push the pair further downwards and one may expect the second target at 0.9025. The pivot point is at 0.9075.

Resistance levels:

0.9130

0.9155

0.9175



Support levels:

0.9050

0.9025

0.9

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

Overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a near-two-month low at 0.8461 on Wednesday. It is undermined by the positive dollar sentiment, weak dairy prices and ongoing impact from Reserve Bank of New Zealand Gov. Wheeler's comment last week that the Kiwi's strength is "unjustified and unsustainable" as well as the by signal of a pause in the RBNZ's rate-tightening cycle. But NZD/USD losses are tempered by the NZD-USD interest differential and Kiwi demand on retreating AUD/NZD cross and on buoyant NZD/JPY cross. The daily chart is negative-biased as MACD is bearish, stochastics is staying suppressed in the oversold zone, five and 15-day moving averages are 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 0.8430. A break of this target will move the pair further downwards to 0.84. The pivot point stands at 0.8520. 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 0.8585 and the second target at 0.8620.

Resistance levels:

0.8585

0.8620

0.8650

Support levels:

0.8430

0.84

0.8375

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

Overview:

GBP/JPY is expected to consolidate with a bearish bias. It is supported by the buoyant USD/JPY undertone and demand from Japanese importers. But GBP/JPY gains are tempered by Japan's export sales. The daily chart is positive-biased as stochastics is rising from the oversold zone, MACD turned bullish, bullish parabolic stop-and-reverse signal was hit on Wednesday.

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 173.15. A break of this target will move the pair further downwards to 172.85. The pivot point stands at 174. 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 174.20 and the second target at 174.55.

Resistance levels:

174.20

174.55

174.95

Support levels:

173.15

172.85

172.45

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

Overview :

• The AUD/USD pair has dropped from the strong level of 0.9333 and extended further to as low as 0.9294 today but it closed at the 0.9315 level yesterday. It should be noted that the resistance will form at 0.9333 because this level also formed a double top on July 31, 2014. Furthermore, the price has set below 38.2% of Fibonacci retracement levels. Additionally, please be aware that we expect a saturation around the level of 0.9333. Hence, the market is likely to start showing the signs of a bearish market again in order to indicate a bearish opportunity from the level of 0.9333 (38.2% of Fibonacci retracement levels in H4 chart). Accordingly, sell below the price of 0.9333 with the first target at 0.9280. Besides, it will call for a downtrend in order to continue bearish move towards 0.9250. On the other hand, if the bears manage to pullback above the level of 0.9350, buyers will be able to break this level. Therefore, the best solution is to set a stop loss at the price of 0.9375.

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

Overview :

• The USD/CAD pair is going to call for an uptrend market on July 31, 2014. The price will probably be moved between the level of 1.0885 and the 1.0950 level in order to form a range of 65 pips in the coming hours. However, risk to reward ratios are important and should always be calculated. So, a risk (65 pips) reward ratio of 1:1.5 is recommended which must make a profit of 98 pips. The support sets at the level of 1.0885 which represents a weekly pivot point. Therefore, the bulls are going to buy above 1.0885 with a first target of 1.0920, it might resume to 1.0950. It should be also noted that a double top is going to set at the price of 1.0959. For that, a stop loss should never exceed your maximum exposure amounts. Hence, set stop loss above 1.0985. On the other hand, the resistance is set at the spot of 1.0950 - 1.0960. So, the trend will call for a bearish market in this area because there is a minor bearish channel.

Intraday technical levels:

Date and Time:31/07/2014 11:40

Pair:USD/CAD

• R3: 1.0994


• R2: 1.0955


• R1: 1.0928


• PP: 1.0889


• S1: 1.0862


• S2: 1.0823


• S3: 1.0796

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Elliott wave analysis of EUR/NZD for July 31, 2014 Trend News

Today's suppoert and resistance levels:

R3: 1.5900

R2: 1.5868

R1: 1.5812

Current spot: 1.5773

S1: 1.5745

S2: 1.5730

S3: 1.5722

Technical summary:

Not much news to add here. We have seen a very narrow trading range since yesterday, where we were trading between 1.5722 - 1.5804. We are still looking for a break above the extension target at 1.5811 for a continuation higher to 1.5900 and likely even higher to 1.6041. At this point, only a break below minor support at 1.5722 will delay the expected upside rally.

Trading recommendation:

We are long in EUR from 1.5525 and will move our stop higher to 1.5715. If you are not long in EUR yet, then buy EUR near 1.5745 with the same stop at 1.5715.

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Elliott wave analysis of EUR/JPY for July 31, 2014 Trend News

Today's support and resistance levels:

R3: 138.11

R2: 138.05

R1: 137.85

Current spot: 137.77

S1: 137.56

S2: 137.25

S3: 136.98

Technical summary:

We saw a strong rally is USD/JPY, which of course also had its effects on this cross. The break above resistance at 137.25 told us, that red wave iv was not over yet and we should expect red wave iv to move closer to 138.05 before finally being over. At no point red wave iv should move above 138.11, which marks the bottom of red wave i. Besides, waves one and four should not overlap each other due to the Elliott Wave Principle.

We will look for a top of red wave iv at 138.05 for a break below support at 137.56. More importantly, a break below 137.25 calls for a decline to 135.49 to end wave iii. In a slightly longer term, we are still looking for a decline to 134.34 to end wave C of the correction from 145.69.

Trading receommendation:

Our stop at 137.30 was hit for a small loss. We will sell EUR agian at 138.00 or upon a break below 137.56 with a stop at 138.25.

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Technical analysis of WTI Crude for July 31, 2014 Trend News

Technical outlook and chart setups:

1. WTI Crude has tested the 104.70/80 resistance level (support turned resistance line) earlier and is now testing the 90.00 levels as seen here. A break below 90.00 would open doors for 95,70 and subsequently 93.70 as shown here (red-colored fibonacci levels).

2. Support is seen at 99.00/98.75, followed by 97.00 and lower while resistance is seen at 102.00, followed by 104.60/70 and higher respectively.

3. The structure indicates that Crude is seeking a bearish break below 99.00 levels for now.

Trading recommendations:

Sell 50% on break below 99.00, stop 102.50, target 95.70 and 93.70.

Good luck!

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#USDX Technical analysis for July 31, 2014 Trend News

The Dollar index continues its upward move as expected by our analysis. The Dollar is strong and we move closer to our target of 81.75. The trend remains up and any pullback should be bought. As shown in both charts below, the Dollar index remains inside the upward sloping trend channel.

The price is above the Ichimoku cloud. Short-term support is found at 81.35 while resistance is found at 81.55. We might see a pullback towards 81.20 but the trend remains up targeting 81.75. Long-term support is found at 80.60 and resistance at 82.60.

The daily chart remains bullish. The price is inside the upward sloping channel and above the Ichimoku cloud. My target is 81.75 with a good chance of moving towards 82. The trend remains upwards. The trend change will occur if we see a daily closure below 80.50. Until then, the trend remains up.

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Gold Technical analysis for July 31, 2014 Trend News

The Gold price remains below $1,300 but above critical support at $1,287. The trend could reverse upwards again if the price breaks above $1,305. This could lead to a move higher towards $1,325 and even $1,350. However, we must be very cautious as support at $1,287 is very close. If this support is broken, we should expect a sell off to follow that will push the Gold price at least towards $1,275-70.

In ichimoku terms, the price is below the cloud and this is a bearish sign. Breaking above the Ichimoku cloud at $1,305 wil be a short-term buy signal that will have $1,325 as the first target. The area below $1,290 is very crucial for bulls. If broken, we should expect heavy selling pressures to push the Gold price lower towards $1,275-70.

In the daily chart, the Gold price remains above the Ichimoku cloud. Important support is at $1,287 that coincides with the top end of the Ichimoku cloud. The crucial price level for our bearish elliott wave scenario is the $1,265-$1,240 area. As long as the Gold price on a daily basis is trading above this area, bulls should feel safe. Breaking below $1,260-40 will confirm our bearish view that wave E top was at $1,346.

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

Technical outlook and chart setups:

1. The EUR/AUD pair has rallied at the 1.4360/70 levels yesterday, which is the fibonacci 0.382 resistance level of the drop between 1.4600 and sub 1.4200 levels. The pair is expected to pullback at least towards the 1.4280 levels before the rally could continue further. A push above 1.4450 would be extremely bullish for the pair.

2. Support is seen at 1.4270, followed by 1.4200 and lower while resistance is seen at 1.4450, followed by 1.4550/75 and higher respectively.

3. The structure indicates that EUR/AUD could potentially rally further after pulling back to at least 1.4280.

Trading recommendations:

Remain flat for now. Look to enter buying around 1.4280.

Good luck!

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

General overview for 31/07/2014 08:50 CET

After breakout above the invalidation line, the main scenario has been invalidated and prices went higher in a corrective cycle. The shape of corrective wave progression looks so far as a simple (a)(b)(c) and one more small wave to the upside is missing to complete the correction. The target for this wave is between the levels of 138.02 - 138.08. Then either reversal to the downside is next, or the correction will get more complicated and time-consuming.

Support/Resistance:

138.19 - WR3

138.02 - 138.08 - Wave (v) Target Zone

137.84 - Intraday Resistance

137.76 - WR2

137.49 - 137.62 - Technical Support

137.33 - Intraday Support

Trading recommendations:

Day traders should consider opening buy positions from the current price levels with SL below the level of 137.49 and TP at the level of 138.02 with a possible extension to 138.19.

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

Technical outlook and chart setups:

1. The EUR/GBP pair has been drifting sideways between 0.7900 and 0.7920/30 levels as seen here, for several trading sessions. The pair is expected to break above 0.7930 anytime and accelerate towards 0.7980 and 0.8045 as depicted here.

2. Support is seen at 0.7900 (range), followed by 0.7860/70 (interim) and lower while resistance is seen at 0.7980, followed by 0.8030/40 and higher respectively.

3. The structure indicates that EUR/GBP is about to turn trends for a short term at least. A break above 0.7980 levels would confirm it.

Trading recommendations:

Long now, stop below 0.7850, target is open.

Good luck!

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

General overview for 31/07/2014 08:30 CET

Last chance for bears to gain control over this market as the corrective cycle in purple wave 2 might be considered completed. Some reaction to the bearish divergence is needed and the level of 1.0878 should be watched closely by the bears as the breakout lower might lead to the test of the level of 1.0822. Nevertheless, the key invalidation line is at the level of 1.0960. If broken, the purple impulsive cycle is invalidated and higher prices will be seen.

Support/Resistance:

1.0960 - Key Level | Invalidation Level |

1.0814 - Intraday Resistance

1.0901 - WR2

1.0878 - Intraday Support

1.0869 - WR1

Trading recommendations:

Day traders should consider opening sell positions from the current price levels with SL above the level of 1.0915 and TP at the level of 1.0878 with a possible extension to 1.0822.

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

Technical outlook and chart setups:

1. The AUD/USD pair has confirmed further downside extensions after breaking below the 0.9320 levels. As seen here, the immediate resistance is around the 0.9370 levels and extends through the 0.9400 levels. Currently, the recommended strategy is selling the rally.

2. Support is seen at 0.9300 (interim), followed by 0.9220/30 and lower while resistance is seen at 0.9400/10, followed by 0.9460/70 and higher respectively.

3. The structure indicates that AUD/USD should pullback at least towards 0.9370 levels and up to 0.9400 levels.

Trading recommendations:

Remain flat for now. Look to sell between 0.9370 and 0.9400.

Good luck!

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