Intraday analysis of GBP/JBP for August 07, 2014 Trend News

Though the pair hit the 100DSma and closed below that, in today's session, the pair opened with support at yesterday's close and started moving up. For an intraday basis, the pair favors bulls. The pair has resistance at 172.65, above this, it can fly up to 172.90, 173.10 and 173.20. The pair has support at 172.40, below this, 172.25-172.20.

Buy above 172.75 for targets at 173, 173.30, and 173.50.

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

The pair is testing its luck near the 136 levels, which is the last hope for the bulls. In yesterday's session, the pair closed below the 20DSma. The pair made a low at 136.16 and managed to close above previous lows. The intraweek resistance is at 137.25 (20DSma) and support is at 136.0. A day close below 136, it can drop to 134 levels.

Intraday cmp 136.81

In the h4 chart, the hourly momentum oscillators are indicating a pullback. It is trading at 12hr high facing resistance at 136.91, above this, it can fly up to 137.10, 137.30 and 137.40. The near-term upside reversal will take place above 137.45 levels.

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Technical analysis of EUR/USD for August 07, 2014 Trend News

When the European market opens, some economic news will be released such as German Industrial Production m/m, French Trade Balance, Spanish 10-y Bond Auction, Minimum Bid Rate, ECB Press Conference, Unemployment Claims. The US will release the economic data too such as the Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3443.

Strong Resistance:1.3435.

Original Resistance: 1.3422.

Inner Sell Area: 1.3409.

Target Inner Area: 1.3377.

Inner Buy Area: 1.3345.

Original Support: 1.3332.

Strong Support: 1.3319.

Breakout SELL Level: 1.3311.

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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Monthly forecast and an intraday recommendation on Gold for August 07, 2014 Trend News

The metal finally managed to trade above 50WSma. The trading pattern is framed inside previous week's up high and low. The metal held $1,280 level, made a minor spot there and moved above the near- and short-term moving averages. The only one odd level is standing at $1,309.50, yesterday the metal was faced resistance at this level. Once it breaches that, we will see huge upside, for a potential target. As we recommended in our yesterday's article, a buy above $1,291 minted good money.

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

A daily close above $1,309.50 (200DEma), the weekly trend turns positive- Pending

Short-term upside reversal is only above $1,324.50- Pending

August-December, 2014

Support: $1,280, $1,258.60, $1,240

Resistance: $1,311, $1,344.70, $1,360

Intraday cmp $1,306.80

The prices are closed above the 21hsma, 34hrsma and 12ema. For the last 10 hours, the metal has been trading in a range between $1,305-$1,308. The metal has support at $1,301.60, $1,300, $1,298.50, below 12ema at $1,298.50, the metal looks weak. It can look back to $1,296, $1,294.50, $1,293.75 and $1,292.

The metal must close above $1,296 to hold the current bull's strength.

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Technical analysis of EUR/USD for August 07, 2014 Trend News

EUR/USD

The ECB will meet in early European session. The pair is facing strong resistance at 50MSma at 1.3444. The pair is trading at 1.3381 in early Asia's session before the ECB meeting. The pair hit the 100Wsma this week, but managed to trade above this. The intraweek resistance is placed between 1.3420-1.3444, above this only, we will able to see a sharp upside run towards 1.35 and 1.3550. On the down side, it has support at 1.3325, 1.3295 and 1.3260.

Intraday- cmp 1.3380

The pair is just trading above 12ema at 1.3378 levels. The disappointment from Italy pushed the pair to a one-year low. The pair has hourly resistance at 1.3395-1.34, above this, it can extend up to 1.3420 and 1.3444 levels. Strong upside momentum is only above 1.3444 levels. The pair again shifts its mode to freefall below 1.3360 towards 1.3325 and 1.3295.

Hourly trading- cmp 1.3381

Sell below 1.3355

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Technical analysis of USD/JPY for August 07, 2014 Trend News

In Asia, Japan will not release any economic data's for today and the US will release Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.69.

Resistance. 2: 102.49.

Resistance. 1: 102.29.

Support. 1: 102.04.

Support. 2: 101.84.

Support. 3: 101.63. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of USDX for August 07, 2014 Trend News

Daily chart: The USDX continues trying to make a breakout on the resistance level of 81.50, because this level has slowed the upward trend that has been carrying this instrument in recent days. However, it is likely that the USDX will make a pullback at current levels and make a retracement to the 81.00 level . The MACD indicator is entering overbought area.

H4 chart: The USDX is trying to make a breakout at the level of 81.70, where the USDX has found strong resistance. By now, we should wait for the USDX to consolidate above the resistance level of 82.00 as the next target would be the 82.50 level. The MACD indicator is entering negative territory.

H1 chart: The USDX has made a pullback in the resistance level of 81.70 and now, this instrument is consolidating below the 81.58 level. If the USDX does make a breakout in the support level of 81.40, it would be expected to fall to the level of 81.19. On the other hand, if the USDX remains above the 200-day moving average, it would be expected to undertake a rebound and go up to the level of 81.73.

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 07, 2014 Trend News

Daily chart: The GBP/USD had a pullback near the level of 1.6888, so this pair is trying to break out, hits a level of support at 1.6851 again. If successful, it is expected to fall to the level of 1.6766, which would strengthen the current bearish trend in GBP/USD. The MACD indicator is in negative territory.

H4 chart: This pair remains below the resistance level of 1.6900, with no significant changes involving a change in the current trend of the GBP/USD. However, during yesterday's session, the GBP/USD makes a rebound on the support level of 1.6820 that is likely to push the pair up to the resistance level of 1.6900. The MACD indicator is entering neutral territory.

H1 chart: The GBP/USD is trying to consolidate below the 1.6850 level, so the next target on the bearish road is the support level of 1.6800. If the GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6750. The MACD indicator remains 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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Technical analysis of USD/CHF for August 6, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with a bullish bias after hitting a six-and-a-half month high 0.9112 on Tuesday. It is supported by the positive dollar sentiment, franc sales on soft CHF/JPY cross, dovish Swiss National Bank's monetary policy, and contagion from the weak euro on the Swiss franc. But USD/CHF gains are tempered by the flows to haven CHF as geopolitical risk is rising in Ukraine as well as franc demand on soft EUR/CHF cross. The daily chart is positive-biased as MACD is bullish, stochastics stays 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 0.9120 and the second target at 0.9145. 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 0.9075.

Resistance levels:

0.9120

0.9145

0.9155



Support levels:

0.9035

0.9010

0.8975

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Technical analysis of USD/JPY for August 6, 2014 Trend News

Overview:

USD/JPY is expected to trade in a lower range. It is undermined by the flows to haven JPY and unfolding JPY-based trades amid increasing risk aversion (VIX fear gauge rose 11.57% to 16.87, S&P 500 closed 0.97% lower at 1,920.21 overnight) as concerns rise over the situation in Ukraine and the health of the global economy after the HSBC China services PMI dropped to survey-record low of 50.0 in July from 53.1 in June, while speculation is renewed for an earlier-than-forecast rise in U.S. interest rates after stronger-than-expected rise in U.S. ISM non-manufacturing PMI to eight-year high of 58.7 in July from 56.0 in June (versus forecast 56.5) and larger-than-expected 1.1% increase in U.S. June factory orders (versus forecast +0.5%). USD/JPY also weighed by Japanese export sales. But USD/JPY losses are tempered by the demand from Japanese importers, the positive dollar sentiment (ICE spot dollar index last 81.53 versus 81.31 early Tuesday) on the strong U.S. ISM non-manufacturing PMI and factory orders data.

Technical comment:

The daily chart is mixed as MACD is bullish, but stochastics is bearish in the overbought zone.

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 102.15. A break of this target will move the pair further downwards to 102. The pivot point stands at 102.65. 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 102.75 and the second target at 103.

Resistance levels:

102.75

103

103.40

Support levels:

102.15

102

101.75

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Technical analysis of NZD/USD for August 6, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a two-month low of 0.8427 this morning. It is undermined by the weak dairy prices (as Fonterra's GDT Price Index fell 8.4% in the latest auction Tuesday), Kiwi sales on soft NZD/JPY cross amid increasing investor risk aversion, Kiwi sales on buoyant AUD/NZD cross, and the positive dollar sentiment. But NZD/USD losses are tempered by the NZD-USD interest differential. Limited FX impact on NZD from drop in New Zealand's unemployment rate to 5.6% in 2Q--its lowest level since 1Q 2009--versus forecast of 5.8% and 1Q's 6.0%, as the participation rate and the quarter-on-quarter job growth rate were worse than tipped. The daily chart is negative-biased as MACD is bearish, stochastics is reverted to a bearish mode 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 0.84. A break of this target will move the pair further downwards to 0.8350. The pivot point stands at 0.8470. 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 0.8530 and the second target at 0.8560.

Resistance levels:

0.8530

0.8560

0.8585

Support levels:

0.84

0.8350

0.8315

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Technical analysis of GBP/JPY for August 6, 2014 Trend News

Overview:

GBP/JPY to trade in a lower range. It is weighed by the increasing investor risk aversion, the weak EUR/USD undertone and Japanese export sales. But GBP/JPY losses are tempered by the demand from Japanese importers. The daily chart is mixed as MACD is bullish, but stochastics is turned bearish.

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 171.90. A break of this target will move the pair further downwards to 171.60. The pivot point stands at 172.90. 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 173.75 and the second target at 174.10.

Resistance levels:

173.75

174.10

174.45



Support levels:

171.90

171.60

171.25

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USD/CAD intraday technical levels and trading recommendations for August 6, 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.

As depicted on the chart, bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 (It's the origin of the previous bullish impulse initiated in December 2013 as well).

The USD/CAD pair has a strong resistance zone located between 1.0950 and 1.1020 ( Fibonacci Levels 50% and 61.8% of the most recent bearish swing ).

Bearish rejection may be anticipated this week especially after such a long bullish rally that originated off 1.0650 and 1.0710.

However, Daily closure above 1.0950 ( 50% Fibonacci level ) enables the bulls to shoot towards 1.1020 and 1.1050 initially.

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Technical analysis of NZD/USD for August 6, 2014 Trend News

Overview :

• The NZD/USD pair movement will continue directly from the double bottom at the level of 0.8404 in H1 chart (00% of Fibonacci retracement levels). Therefore, the price of the NZD/USD pair is showing signs of power, following the break of the lowest level of 0.8404. Hence, it will be a good sign to buy above the level of 0.8400 in H1 chart (in the short term) with the first target of 0.8460 in order to test the daily pivot point and further to 0.8506 to form the double top. Then, this price will act as a strong resistance, for that it is going to be a good place to take profit. It also should be noted that this level of taking profit will coincide with 23.6% of Fibonacci retracement levels. However, in case if a reversal takes place and the NZD/USD pair breaks through the minor support level of 0.8404, the market will lead to further decrease to 0.8370 thus indicating the bearish market.

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GBP/USD intraday technical levels and trading recommendations for August 6, 2014 Trend News

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.

The 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 was evident around 1.6800 - 1.6820 manifested during the previous visit (Monday's daily candlestick).

This determines the price zone as a valid BUY entry with SL just below 1.6770.

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Intraday technical levels and trading recommendations on EUR/USD for August 6, 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 leading to obvious breakdown of the depicted bullish trend line.

Bearish pressure which originated off 1.3650 has applied enough pressure on the price level of 1.3560 (corresponding to the previous prominent bottom) exposing the price levels around 1.3360 where bullish recovery was witnessed last week.

However, this week, the EUR/USD pair has already pushed lower towards 1.3330 (prominent bottom established on November 8, 2013), rebounding from 1.3430 following the release of the initial readings of the Italian GDP, which declined by -0.2%.

The pair has an intraday demand level around 1.3300 where 141.4% Fibo Expansion is located. On the other hand, bullish fixation above 1.3440 is essential to acquire momentum strong enough to initiate a bullish corrective move towards 1.3530.

Breakdown of 1.3500 invalidated the bullish structure allowing the bears to pursue towards the price level of 1.3420.

The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3420-1.3450.

In case the bears keep applying significant bearish pressure, the EUR/USD pair has Intraday DEMAND levels located around 1.3325, 1.3290 and 1.3275 respectively.

On the other hand, bullish fixation above 1.3430 ensures a deeper bullish correction towards 1.3520 and 1.3550.

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Technical analysis of EUR/USD for August 6, 2014 Trend News

The weekly pivot point: 1.3412

Overview :

• The minor support of EUR/USD pair is going to set at 1.3330. And this level is going to represent the weekly support 1. But the second support had already set at the price of 1.3310. We sould consider the following important observations: the price hit the weekly pivot point this week and support 1. For now, it has been around it since last week, because of the series of relatively equal highs and equal lows. We expect a bearish market from the weekly pivot point (1.3412) for August 5-8, 2014. So, according to the previous events, the price of the EUR/USD pair is going to move between 1.3380 and 1.3310. Sell below the level of 1.3380 with the first target at 1.3333, then it will be continued towards 1.3310 to test the major support today. Also, it should be noticed to check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated. Additionally, the stop loss should always be taken in account. Therefore, it will wise to set your stop loss at the price of 1.3425.

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Intraday technical levels and trading recommendations on GBP/USD for August 6, 2014 Trend News

Breakdown of the DEMAND level around 1.6975 allowed quick decline of the GBP/USD pair towards the price zone of 1.6800-1.6820.

At retesting the price zone of 1.6800-1.6820 that took place yesterday, considerable bullish recovery took place. This bullish movement was formed below 1.6880.

Earlier today, the GBP/USD pair declined again towards 1.6827. This comes after the release of the British manufacturing data, which came below expectations.

In case the bears keep applying bearish pressure, we expect the pair to visit the price level of 1.6812 (the bottom established on August 4) one more time.

As expected, the price zone between 1.7140 - 1.7170 provided evident bearish price action.

A pattern of multiple tops was confirmed after breakdown of the depicted bullish channel. Moreover, successive bearish targets were already reached last week.

As expected, the GBP/USD bears could have kept their SELL positions up to the price level of 1.6830 where the current Demand Level is located.

The price zone of 1.6830 - 1.6800 remains a significant zone as it corresponds to a previous consolidation zone established in June.

On Monday, a valid buy entry was suggested around 1.6820. The first bullish target is located around 1.6920. This position remains valid as we stick to our SL below 1.6770.

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EUR/NZD analysis for August 06, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5863 in a volume below average according to the daily timeframe. 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 (currently on the test). According to the 1H timeframe, we can observe buying climax (ultra high volume demand) and after that weak demand, which is a sign that buying EUR/NZD at this stage looks very risky. I have placed Fibonacci retracement from the most recent downward leg and I got Fibonacci retracement 61.8% at the price of 1.5900. Watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5810

R2: 1.5836

R3: 1.5879

Support levels:

S1: 1.5725

S2: 1.5699

S3: 1.5657

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

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Elliott wave analysis of EUR/NZD for August 6, 2014 Trend News

Today's support and resistance levels:

S3: 1.5900

S2: 1.5867

S3: 1.5855

Current spot: 1.5833

S1: 1.5800

S2: 1.5788

S3: 1.5766

Technical summary:

We saw a dip just below our expected corrective target at 1.5705 (the low came in at 1.5699) before the next impulsive upswing. Look for support near 1.5800 for the next rally to 1.5900 and higher. In a longer term, we are still looking for much higher levels towards 1.6200 as the first major resistance, but it should only be able to protect the upside for a correction, which could decline to 1.5800, but does not need to do so.

Trading recommendation:

We bought EUR at 1.5710 and will move our stop up to 1.5695. If you are not long in EUR yet, then buy near 1.5800 with the same stop at 1.5695.

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Gold analysis for August 06, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,293.80 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 1,291.70 (currently on the test), Fibonacci expansion 100% at the price of 1,298.90 and Fibonacci expansion 161.8% at the price of 1,309.00. 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: 1,292.34

R2: 1,295.10

R3: 1,299.57

Support levels:

S1: 1,283.40

S2: 1,280.64

S3: 1,276.17

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/JPY for August 6, 2014 Trend News

Today's support and resistance levels:

R3: 137.35

R2: 137.25

R1: 137.15

Current spot: 137.05

S1: 136.83

S2: 136.72

S3: 136.63

Technical summary:

With the break below support at 137.42, we had the confirmation needed to say, that red wave v lower 135.49 was developing. In a short term, we are looking for minor resistance at 137.25 to protect the upside for the break below support at 136.63 and more importantly below support at 136.36 for the decline to 135.49 to end red wave v and black wave iii. Once black wave iii is in place, we should see a correction in black wave iv to just below 138.00 before the final decline in black wave v to 134.34, where wave C will be equal in length to wave A.

Trading recommendation:

We are short in EUR from 138.00 and will move our stop lower to 137.60. If you are not short in EUR yet, then sell near 137.25 with the same stop at 137.60.

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#USDX Technical analysis for August 6, 2014 Trend News

The Dollar index continued its upward move as expected after breaking above short-term resistance and made a new high at 81.64. Price is moving closer to our target of 81.75. I believe we are at the final stages of the rise from 79.75.

The trend remains up. Price is above the Ichimoku cloud in the 4 hour chart as shown above. The Dollar index is inside the upward sloping channel. Another pull back towards 81.40 is justified before the final expected push towards my target of 81.75.

The daily chart shows how price remains inside the upward sloping channel. The lower boundaries of the channel are at 81.40 and this is where the Dollar index will find support if it pulls back. My target of 81.75 remains valid. The trend remains up and crucial support that should hold is found at 81.20.

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Gold Wave analysis for August 6, 2014 Trend News

Gold price remains inside the downward sloping wedge. The trend still favors bears but we are very close to getting a buy signal if resistance at $1,301 is broken. The downward move from $1,346 is either the start of a new downward wave that will eventually break below $1,240 or as an alternative wave count it is wave B that has bottomed at the 61.8% retracement.

Price is above the short-term support of $1,280 and below the Ichimoku cloud resistance at $1,301. As long as price is below the Ichimoku cloud, I prefer the bearish scenario that sees wave E completed at $1,346. Breaking above $1,301 will cancel this scenario and will increase the chances of a move towards $1,350.

In the daily chart Gold price has entered the Ichimoku cloud once again. This makes daily trend neutral. A daily close below $1,280 will change it to bearish. A daily close above $1,300 will change it to bullish. Next important support level is at $1,270.

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Technical analysis of USD/CAD for August 6, 2014 Trend News

General overview for 06/08/2014 09:30 CET

The main secnario has been invalidated overnight due to wave 1 and wave 2 overlapse. In that case, the alternate impulsive scenario is in play with a very bullish outlook for this pair on almost every time frame. Nevertheless, due to the multiple bearish divergence, the corrective cycle on intraday time frames is about to start. This cycle has been labeled as red wave 4 and the maximum range of the corrective cycle is down to the level of 1.0870 where the demand zone is. When the correction is completed, new highs are expected.

Support/Resistance:

1.0991 - WR1

1.0977 - Intraday Resistance

1.0943 - Intraday Support

1.0892 - Weekly Pivot

1.0875 - Previous Wave Four Level

Trading recommendations:

Both swing and day traders should now set their mind to "buy the dips" mode and the critical zone for buying is at the level of 1.0870.

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Technical analysis of EUR/JPY for August 6, 2014 Trend News

General overview for 06/08/2014 08:00 CET

The yesterday's target level for short orders has been hit and the market is behaving as anticipated with lower lows being made on hourly time frame. There is still some more room for another leg to the downside as long as the key level is not broken. The next target in that case would be the intraday support at the level of 136.63.

Support/Resistance:

138.01 - Swing High

137.54 - Weekly Pivot

137.33 - Technical Resistance

137.24 - Intraday Resistance

137.04 - WS1

136.63 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the level of 137.24, with SL above the level of 137.34 and TP at the level of 136.63 with a possible downside extension.

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

Overview

Yesterday's closing below the Resistance level of 173.30 gave the price an opportunity for bearish move. As shown here, the price is trying to continue its bearish move by breaking the Support level of 172.60 and closing 4h below. In that case, we might get another opportunity for more sell signals. It opens the way towards the level of 172.30, as the first target and the price should test the Support level of 171.75 afterwards to continue its bearish move. But as long as the price stabilizes above the Support level of 172.60, it cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (173.75), R1 (173.30), S1 (172.60), S2 (172.30), S3 (171.75).

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Daily analysis of Silver for August 06, 2014 Trend News

Overview

Based on the H4 chart, silver is still stabilizing below the Resistance level of 20.00 after its rebound from the Support level of 19.75 yesterday. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 19.75, this would give a strong indicator to continue the downward move and open the way towards the Support level of 19.50. Then, we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair can't break the Support level of 19.75 and reverses its downward move, it might be a good opportunity for bullish signals securing the Resistance level of 20.00 again. The breakout of this Resistance level will indicate a bullish strength providing new buy signals from this level till reaching the Resistance area of 20.20-20.50 .

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.75), S2 (19.50), S3(19.20)

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Technical Analysis of USD/CAD for August 06, 2014 Trend News

The pair breached the resistance at 1.0960 and closed at that level. Today in Asia's session, the pair is moving upwards. The pair has support at 1.0958 below this, 1.0945 is the strong support for this intra week. One can sell below 1.0940 for a target of 1.09. In the daily chart, the RSI and Stochastics look overbought. Hope it will pause the fall for a while at 1.0989-1.1 or even higher at 1.1025.

Support 1.0958 1.0945 1.09

Resistance 1.0989 1.1 1.1025

Intraday cmp 1.0969

The pair trading above hourly moving averages. It has the nearest resistance at 1.0977 (yesterday's high). The pair has an hourly support at 1.0958 below this, 1.0945, 1.0930 and 1.0915.

Risky traders can sell below 1.0958.

Safe traders sell below 1.09 with targets at 1.0885, 1.0877, and 1.0845.

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Technical Analysis of GBP/USD for August 06, 2014 Trend News

The UK's service sector grew at a faster pace, still continuing the upward trend. The cable pulled back from the 4 week low and rejected at 20WSma at 1.6890. Today in Asia's session, the pair is unable to trade above yesterday's high because of an initial sign of weakness for an Intraday basis. The pair made a minor double bottom at 1.6813 on the weekly chart. The intra week trading range is framed between 1.6813-1.6893. On the lower side, if support breaks this level, it can extend its fall to the 1.6785 and 1.6740 levels. On the north side, if it breaches resistance at 1.6893, it can fly up to 1.6923 and 1.6940 levels.

Support 1.6813 1.6785 1.6740

Resistance 1.8993 1.6920 1.6940

Intraday cmp

The prices are close below the 34hrsma and trading above 12ema and 21hrsma. For an intraday basis, traders can buy only above 1.6890 only for targets 1.6922 and 1.6940. The pair has an intraday support at 1.6845 and 1.6836. Below this range 1.6813-1.68 will act as the major support.

Buy only above 1.6890.

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