Short term forecast and intraweek recommendations on Gold for August 06, 2014 Trend News

The metal was rejected at 50DSma again in a row of 3 days. Today in Asia's session, the metal opened on a minor bullish note lower at $1,287.30. Until the metal holds the $1,287 level, it can fly up to $1,295 (50DSma). If it breaks the $1,287 level, it can take support at $1,285 (200DSma) and $1,280. The panic will be triggered only below $1,280. We can see a strong up move only if a daily close above $1,295-$1,296 level towards 1,300, 1,303 and 1,310 levels. The lower level buying and Ukraine concerns are supporting the yellow metal.

Support $1,287, $1,280, $1,275.

Resistance $1,295-$1,296, 1,303, 1,311.

Daily/Weekly close above $1,296, the near term turns to positive (August).

Short-term upside reversal only above 1,324.50

Intraday cmp $1,288

We recommend buying at $1,288 with a small sl $1,287 (as of now low) for targets at $1,291, $1,292.50, $1,293.60, $1,294.90 and $1,297. Safe buyers can buy only above $1,291. A support level is at $1,287 (35hrsma), $1,285 (200DSma), $1,282 and $1,280. We recommend selling only below $1,280 for a downside target at $1,278, $1,275 and $1,271 levels.

Safe traders, buy above $1,291.

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Technical analysis of Silver for August 06, 2014 Trend News

Technical outlook and chart setups:

1. Silver is seen to be forming bottom around $19.70/80 levels as seen here and expected earlier. A morning star bullish reversal candlestick is potentially being produced on the 8H chart as seen here. A confirmation here would be extremely bullish for the metal.

2. Support is seen at $19.40, followed by $18.60 and lower while resistance is seen at $20.80, followed by $21.20 and higher respectively.

3. The structure indicates that Silver is preparing to reverse from current levels.

Trading recommendations:

Initiate long positions, stop at $19.40, target is open.

Good luck!

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Technical analysis of Gold for August 06, 2014 Trend News

Technical outlook and chart setups:

1. Gold has formed bottom at $1,280.00 levels recently as it was expected and discussed earlier. The metal has bounced off producing a morning star bullish reversal candle as well. A break above $1,310.00 would confirm that bulls are back in control.

2. Support is seen at $1,280.00 (interim), followed by $1,260.00, $1,240.00/30.00 and lower while resistance is seen at $1,310.00, followed by $1,325.00/40.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold might have turned bullish again and would make higher highs and higher lows to reach $1410.00.

Trading recommendations:

Initiate 50% long positions, stop at $1,250.00, target is open.

Good luck!

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Technical analysis of EUR/USD for August 06, 2014 Trend News

When the European market opens, some economic news will be released such as German Factory Orders m/m, Italian Industrial Production m/m, Retail PMI, Italian Prelim GDP q/q. The US will release the economic data too such as the Trade Balance, Crude Oil Inventories, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3437.

Strong Resistance:1.3429.

Original Resistance: 1.3416.

Inner Sell Area: 1.3403.

Target Inner Area: 1.3371.

Inner Buy Area: 1.3339.

Original Support: 1.3326.

Strong Support: 1.3313.

Breakout SELL Level: 1.3305.

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

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Technical analysis of USD/JPY for August 06, 2014 Trend News

In Asia, Japan will release the Leading Indicators and the US will release some economic data such as Trade Balance, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 103.12.

Resistance. 2: 103.92.

Resistance. 1: 102.72.

Support. 1: 102.48.

Support. 2: 102.28.

Support. 3: 102.07.

Disclaimer:

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

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Intraday analysis of EUR/USD for August 06, 2014 Trend News

The pair was pushed towards a 9-month low at 1.3357. It has parallel support at 1.3345, below this, it will extend its fall up to 1.3295 levels. The weekly resistance level is at 1.3444, until it trades below 1.3444 on the down side, it will open a gate for 1.3210 and 1.3160 will be possible. On a monthly basis, until the pair closes below 1.3444 on the down side, we can expect 1.3295, 1.31 and 1.2765 (200MEma). If any chance of a close above 1.3444, max it can fly up to 1.3620 but chances are remote.

Weekly resistance 1.3444 1.35 1.3550

Weekly support 1.3357 1.3345 1.3295

The pair is exactly holding the 100WSma level at 1.3357. In yesterday's session, the pair made exactly low at 1.3357. If this week the pair closes below 1.3357, we can see 1.3295 and 1.3210 next week.

Intraweek key support level- 1.3357 (100WSma)

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Daily analysis of USDX for August 05, 2014 Trend News

Daily chart: The USDX is trying to make a breakout on the resistance level of 81.50, because this instrument had a bullish momentum during yesterday's session. If successful, it is expected to go up to the next target resistance level of 82.51, which would strengthen the bullish trend in the long term. The MACD indicator remains in positive territory.

H4 chart: The USDX has formed a bullish fractal above the trend line, so it is likely that the USDX will start forming a bullish pattern. If the USDX does make a breakout at the level of 81.70, it's expected to rise to the resistance level of 82.00. Furthermore, the USDX could make a pullback at current levels. The MACD indicator is in positive territory.

H1 chart: The USDX has made a breakout at the 81.40 level, so now the USDX is forming a bullish pattern below the resistance level of 81.58. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 81.73 during today's session. The MACD indicator is entering negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 81.58, take profit is at 81.73, and stop loss is at 81.43.

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Daily analysis of GBP/USD for August 06, 2014 Trend News

Daily chart: The GBP/USD has consolidated above the support level of 1.6851, where it is likely to begin to form a higher low pattern. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6766, which is the nearest target on the bearish road. The MACD indicator is in negative territory.

H4 chart: The GBP/USD stays below the resistance level of 1.6900 with a tendency to strengthen the bullish bias, as this pair is trying to climb back up the 200 SMA, near the resistance level of 1.6995. The MACD indicator remains in positive territory, so the GBP/USD could rise to that level.

H1 chart: This pair has found support at the 1.6850 level, because the GBP/USD is trying to climb up to the resistance level of 1.6900. If the pair manages to make a breakout at that level, the next target would be the resistance level of 1.6950, which is above the 200 SMA. 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 1.6900, and stop loss is at 1.6800.

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GBP/USD intraday technical levels and trading recommendations for August 5, 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.

The price levels of 1.7050 - 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 as well.

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.

Bullish recovery is evident around 1.6800 - 1.6820 which is manifested in Monday's daily candlestick. This renders this price zone as a valid BUY entry with SL just below 1.6770.

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Technical analysis of USD/JPY for August 5, 2014 Trend News

Overview:

USD/JPY is expected to trade in a range. It is underpinned by the yen-funded carry trades amid improving investor risk appetite (VIX fear gauge eased 11.22% to 15.12) as the U.S. stocks rose overnight (S&P 500 closed up 0.72% at 1,938.99), helped by some encouraging U.S. earnings reports, Portugal's announcement of a EUR 4.9 billion rescue for its second largest lender Banco Espirito Santo as well as reduced concerns that contagion from Argentina's debt default may spread. The USD sentiment is boosted by the jump in U.S. ISM-NY Current Business Conditions index to 68.1 in July from 60.5 in June; 6.6% rise in Conference Board U.S. employment trends index to 120.31 in July. USD/JPY is also supported by the demand from Japanese importers. But USD/JPY upside is limited by Japanese export sales and lower U.S. Treasury yields as Friday's weaker-than-expected U.S. July non-farm payrolls report continues to reverberate.

Technical comment:

The daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing, but stochastics is bearish in the overbought zone, inside-day-range pattern was completed on Monday.

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 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 102.30. 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

103.40

103.75

Support levels:

102.30

102.15

101.85

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Technical analysis of USD/CHF for August 5, 2014 Trend News

Overview:

USD/CHF is expected to trade in a range. The CHF sentiment is boosted by the stronger-than-expected Switzerland July PMI of 54.3 (versus forecast 53.8). But USD/CHF downside is limited by the dovish Swiss National Bank's monetary policy. The daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is bearish in the overbought zone, inside-day-range pattern was completed on Monday.

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 0.9110 and the second target at 0.9130. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9035. A break of this target would push the pair further downwards and one may expect the second target at 0.9010. The pivot point is at 0.9055.

Resistance levels:

0.9110

0.9130

0.9155



Support levels:

0.9035

0.9010

0.8975

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Technical analysis of NZD/USD for August 5, 2014 Trend News

Overview:

NZD/USD is expected to trade in a higher range. It is supported by the Kiwi demand on buoyant NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. But NZD/USD upside is limited by weak dairy prices and Kiwi sales on buoyant AUD/NZD cross. The daily chart is mixed as MACD is bearish but stochastics is bullish in the oversold zone, inside-day-range pattern was completed on Monday.

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 0.8560 and the second target at 0.8585. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8430. A break of this target would push the pair further downwards and one may expect the second target at 0.84. The pivot point is at 0.8460.

Resistance levels:

0.8560

0.8585

0.8620

Support levels:

0.8430

0.84

0.8375

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Technical analysis of GBP/JPY for August 5, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a range. It is supported by the reduced risk aversion and demand from Japanese importers. But GBP/JPY upside is limited by Japanese export sales and the subdued EUR/USD undertone. The daily chart is still positive-biased as MACD and stochastics are in a bullish mode, five-day moving average is above 15-day MA and is advancing.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 173.75 and the second target at 174.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.30. A break of this target would push the pair further downwards and one may expect the second target at 171.90. The pivot point is at 172.90.

Resistance levels:

173.75

174.10

174.45



Support levels:
172.30

171.90

171.65

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Technical analysis of USD/CHF for August 5, 2014 Trend News

Overview :

• Depending on the previous events, the last double top has set at the level of 0.9222 and support is placed at 0.9060.


• Additionally, the USD/CHF pair has still been trapped between 0.9230 and 0.8080.


• Also, the key level is set at 0.9092 because it represents strong support and coincides with the last daily pivot point of the USD/CHF pair.


• Equally important, the first double top will be formed at the 0.9102 level, but it seems the price is going to break this level in order to continue towards the level of 0.9230. The level of 0.9230 will be resistance today.


• Hence, the market's range will be around 73 pips. As it is known, history will probably repeat itself at this level again.


• Therefore, it will be a good sign to buy above 0.9080 with the first target of 0.9230.


• Furthermore, it will call for an uptrend in order to continue its bullish movement towards 0.9260.


• However, the stop loss should never exceed your maximum exposure amounts, thus the stop loss should be placed below 0.9050, at the price of 0.9025.

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Technical analysis of GBP/USD for August 5, 2014 Trend News

Trading recommendations :

• As it is known, sellers are asking for a higher price as well as buyers are bidding at a lower price. Therefore, the first key level will set at the level of 1.6880 and the second key level will set at the 1.6866 level today. Moreover, it should be noted that the level of 1.6930 represents resistance and the 1.6766 level is going to act as support in H1 chart. Equally important, the price of the GBP/USD pair has still been moving between 1.6905 and 1.6835. Additionally, it should be noted that the range was about 178 pips last week. Furthermore, the trend was very clear indicating a downward bias. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.6878 (the weekly pivot point). As a result, sell at the price of 1.6880 with the first target of 1.6812 (the double bottom) which might resume to 1.6756 in order to test weekly support 1. On the other hand, your stop loss should be placed above the 1.6950 level, hence it will be helpful to set it at the price of 1.6980 this week.

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EUR/NZD analysis for August 05, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expexted, the price tested the level of 1.5703 in a volume above the average according to the 4H timeframe. According to the daily timeframe, we can observe weak demand in an average volume around the price of 1.5815, which caused the price to start with downward movement. I have placed Fibonacci expansion to find potential end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5815 (successfully tested). According to the 1H timeframe, we can observe that strong supply in an ultra high volume has entered the market. So, be careful with buying and watch for potential selling opportunities. According to previous price action, I have found support level around the price of 1.5625 (swing high like support).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5782

R2: 1.5798

R3: 1.5825

Support levels:

S1: 1.5729

S2: 1.5713

S3: 1.5687

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.

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Gold analysis for August 05, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,293.00 in a volume below average according to the 4H timeframe. As you can see from the chart, our Fibonacci retracement 61.8% completed successfully, so selling at this stage looks risky. I have placed Fibonacci expansion to find potential resistance levels and I got Fibonacci expansion 61.8% at the price of 1,296.00, Fibonacci expansion 100% at the price of 1,302.00 and Fibonacci expansion 161.8% at the price of 1,312.00. Anyway, if the price breaks the level of 1,281.00 (our Fibonacci retracement 61.8%), we may see more downward movement. Be careful with selling Gold at this stage.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,294.36

R2: 1,296.58

R3: 1,300.70

Support levels:

S1: 1,287.18

S2: 1,284.96

S3: 1,281.37

Trading recommendations: Be careful with selling Gold at this stage since we got successful bounce from Fibonacci retracement 61.8%

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Elliott wave analysis of EUR/NZD for August 5, 2014 Trend News

Today's support and resistance levels:

R3: 1.5848

R2: 1.5825

R1: 1.5790

Current spot: 1.5738

S1: 1.5729

S2: 1.5705

S3: 1.5700

Technical summary:

The correction from 1.5829 is still unfolding and we are looking for a decline closer to 1.5705, before the next impulsive rally higher through 1.5829 is expected for a continuation higher to 1.5900 and possibly even to 1.6042.

In the longer term, we are looking for much higher levels.

Trading recommendation:

We will buy EUR at 1.5710 with stop placed at 1.5600.

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Elliott wave analysis of EUR/JPY for August 5, 2014 Trend News

Today's support and resistance levels:

R3: 138.00

R2: 137.92

R1: 137.72

Current spot: 137.52

S1: 137.42

S2: 137.25

S3: 137.00

Technical summary:

We are looking for the first strong indication, that red wave v lower to 135.49 is unfolding. A break below minor support at 137.42 will be the first such indication and call for a continuation lower to 137.00 and lower to the ideal target for red wave v at 135.49.

In the longer term, we are still looking for a decline to the equality target for wave C at 134.34, where wave C is equal in length to wave A.

Trading recommendation:

We sold EUR at 138.00 and will move our stop lower to 137.91. If you are not short in EUR yet, then sell EUR near 137.72 or upon a break below 137.42 with the same stop at 137.91.

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#USDX Technical analysis for August 5, 2014 Trend News

The Dollar index continued its downward slide yesterday as expected but the longer-term trend remains bullish. The retracement was a shallow one and did not reach my target of 38%. 81.19 was the low that could now be used as a stop for bulls. Price remains inside the upward sloping channel. Short-term support is found at 81.19 and 81.30. If price breaks below 81.30, we should expect a move lower towards 81.10-81.05. The Dollar index has reached the Ichimoku cloud very close but not near the 38% Fibonacci retracement.

The decline from the highs is clearly corrective and we could have seen the end of it very well. Breaking above 81.40 could signal a buy that could bring the index back above 81.50 to test the previous highs.

The daily chart shows why the Dollar index is bouncing higher today. Price has reached the channel boundaries and there are many chances we do not see lower than 81.19 until we reach 81.75. So what to expect now? The trend is bullish and as I mentioned before, pull backs are to be bought. The trend will bring the index towards 81.75 which was my first target from 79.75.

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Gold Wave analysis for August 5, 2014 Trend News

Gold price is still below $1,300 but today we look at our alternative wave scenario that implies that wave E of the triangle wave 4 is not complete and we could see another move higher towards $1,350 if we get the buy signals we need.

Gold price remains below the Ichimoku cloud in the 4 hour chart. Gold price is also still inside the downward sloping wedge. If price breaks above $1,295, we will have a short-term buy signal that could push price towards $1,305 where the Ichimoku cloud resistance is found. Soon, we will know which side is stronger...bulls or bears as the wedge is contracting.

My preferred wave scenario so far has been that we have completed wave E at $1,346. The alternative I show today is marked with blue letters in the daily chart above. We could be well inside wave B down that has reached the 61.8% retracement of the rise from $1,240. Wave C of wave E could have well started. This scenario will be canceled if we break below $1,270 trend line support. In the daily chart price has moved back inside the Ichimoku cloud. This makes the trend neutral. A break and close below $1,285 will be a bearish sign for Gold price.

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Technical analysis of USD/CAD for August 5, 2014 Trend News

General overview for 05/08/2014 08:50 CET

The market is still in a range zone after making the high at the level of 1.0943. This level is still our point of reference for a further wave progression that will either confirm or invalidate one of the labeling. More downside wave progression is anticipated if the level of 1.0943 is not violated, as the pair already has broken out of the golden channel. Multiple bearish divergence supports this view.

Support/Resistance:

1.0991 - WR1

1.0943 - Wave 2 High

1.0892 - Weekly Pivot

1.0876 - Intraday Support

1.0842 - WS1

1.0821 - Technical Support

Trading recommendations:

Day traders and swing traders should consider opening short orders from the current market levels with SL above the level of 1.0943 and TP at the level of 1.0876 with a possible downside extension.

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Technical analysis of EUR/JPY for August 5, 2014 Trend News

General overview for 05/08/2014 08:30 CET

The market is slowly moving lower to enter the neutral zone, just under the weekly pivot at the level of 137.54. To confirm the bearish outlook, the price must break lower into the bearish zone and both technical and intraday support levels must be violated. On the other hand, any violation of the level of 138.01 invalidates the bearish impulsive wave development. In that case, the next level of resistance is weekly pivot at the level of 138.44.

Support/Resistance:

138.44 - WR1

138.01 - Intraday Resistance | Invalidation Level|

137.54 - Weekly Pivot

137.41 - Intraday Support

137.32 - Technical Support

137.04 - WS1

Trading recommendations:

Short orders opened yesterday should still be kept open as long as the level of 138.01 is not violated. TP is at the level of 137.32 but it might get extended down to the level of 137.04 and beyond.

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Forecast of GBP/JPY for August 05, 2014 Trend News

The pair is trading below the hourly moving averages. In today's Asia's session, the pair moved to 173.13 rejected at 34hr sma and hit the 12ema as well. The pair looks favorable to buy only above 173.16 for a target at 173.40, 173.85 and 174 levels.

On a daily closing basis, if the pair closes above 173.10, the weekly trend turns to positive, if not again it will look at 172.36-172 levels.

Taking into account a weekly closure below 172.20, it will extend its bearish move to 170.95 levels.

Intraday - buy only above 173.20.

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Short-term forecast and intra week recommendations on USD/CAD for August 05, 2014 Trend News

The pair made a correction move towards the 50.0 fib level, facing the nearest resistance at 1.0960 in the weekly chart. The pair has support at 1.0894 and 1.08750 (20WSma). The pair will face selling pressure below 1.0875 for a downside target at the 1.0797 and 1.0762 levels. In the short term, the pair has a strong support zone between 1.0762-1.07 levels.

Resistance 1.0960 1.0989 1.1050

Support 1.08750 1.0762 1.07

In today's session, the pair opened with a bullish note, opened low at yesterday's close. The weekly support existed at 1.0797-1.0787. Until the pair closes above these levels, it will aim for 1.1050 (resistance 1.0960). But the daily oscillators indicate an overbought zone. On the downside, the pair has support at 1.0877 and 1.0849. We recommend selling only below 1.0849 for a target at the 1.0797 level. Fresh buy only above 1.0960.

Weekly August 05-08

Support 1.0877 1.0849 1.0797

Resistance 1.0944 1.0960 1.1

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