Technical analysis of EUR/USD for August 08, 2014 Trend News

When the European market opens, some economic news will be released such as German Trade Balance, French Industrial Production m/m, French Gov Budget Balance.The US will release the economic data too such as the Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, Wholesale Inventories m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3422.

Strong Resistance:1.3414.

Original Resistance: 1.3401.

Inner Sell Area: 1.3388.

Target Inner Area: 1.3356.

Inner Buy Area: 1.3324.

Original Support: 1.3311.

Strong Support: 1.3298.

Breakout SELL Level: 1.3290.

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 08, 2014 Trend News

In Asia, Japan will release the Current Account, Bank Lending y/y, Monetary Policy Statement, Economy Watchers Sentiment, and the US will release some economic data such as Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, Wholesale Inventories m/m. So there is a big probability the USD/JPY will move with low to medium volatility during the day. TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.49.

Resistance. 2: 102.29.

Resistance. 1: 102.09.

Support. 1: 102.83.

Support. 2: 101.63.

Support. 3: 101.44. 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 Gold for August 08, 2014 Trend News

Technical outlook and chart setups:

1. Gold is pushing higher as expected since $1280.00 levels. The metal could pullback towards the $1,290.00/95.00 region again, before continuing further rally. Recommendations are to hold on to long positions and also look to add further on dips.

2. Support is seen at $1295.00/90.00, followed by $1280.00 and lower while resistance is seen at $1,224.00 followed by $1,240.00 and higher respectively.

3. The structure indicates that Gold remains clear buy on dips for now.

Trading recommendations:

Hold long positions for now, also add towards $1,295.00, stop at $1,280.00.

Good luck!

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Intraday analysis of USD/JPY for August 08, 2014 Trend News

Traders will eye today's key event - BoJ press conference. The BoJ will announce a decision on monetary policy. Governor Kuroda has warned that inflation will ease before picking up again in the second half of the fiscal year. We expect the BoJ to continue its easing in the future. The Yen is trading at 102.12 against the US dollar. After making a 2-month high, the pair corrected up to the previous week's low. The pair was rejected at the 50.0 fib level in the weekly chart and is trading above the descending triangle. The pair has support at 101.75, if it is broken, then it will correct up to 101.50 (50WSma).

Support 101.75 101.50

Resistance 102.25 102.55

Intraday cmp 102.12

The prices are closed below the key hourly moving averages (21hrsma and 34hrsma). In yesterday's session, the pair was rejected at 21hrsma and later the 12ema acting had an initial hurdle. The pair favors panic only below 101.40 levels. On the upside, it has major resistance at 102.50 (34hr sma). Until the prices close below 102.50, sellers will mint the money.

In any panic situation, bulls can buy in the range between 101.80-101.50 with sl 101.40/101.35.

Resistance 102.16 102.25 102.40-102.50

Positional basis- buy with sl 101.90 on a closing basis.

Traders will eye on today's key event BoJ press conference. The BoJ will announce a decision on monetary policy . The Governor Kuroda has warned that inflation will ease before picking up against in the second half of the fiscal year. We expect the BoJ continue its easing in the future. The Yen is trading at 102.12 against US dollar. After making a 2 month high, the pair corrected up to previous week's low. The pair rejected at the 50.0 fib level in the weekly chart and trading above the descending triangle. The pair has a support at 101.75, if it breaks then it will correct up to 101.50 (50WSma)

Support 101.75 101.50

Resistance 102.25 102.55

Intraday cmp 102.12

The prices are closed below the key hourly moving averages (21hrsma & 34hrsma). In yesterday's session, the pair was rejected at 21hrsma and later 12ema acting has an initial hurdle. The pair favors to panic only below 101.40 levels. On an upside, it has a major resistance at 102.50 (34hr sma). Until the prices close below 102.50, sellers will mint the money.

Resistance 102.16 102.25 102.40-102.50

In a panic situation, bulls can buy in the range between 101.85-101.50 sl 101.40/101.35

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Daily analysis of USDX for August 08, 2014 Trend News

Daily chart: The USDX has formed a fractal above the resistance level of 81.50, so the USDX is trying to consolidate above this level with the formation of a bullish pattern. If successful, the next target would be the 82.51 level. However, it is recommended to wait until a breakout occurs to plan to trade in the long term in the USDX.

H4 chart: The USDX continues to find resistance at the bullish trend line near the 81.55 level. For now, the USDX is trying to make a breakout at that level to further strengthen the current bullish trend. However, if the USDX makes a pullback at current levels, it would be expected to fall to the support level of 81.02. The MACD indicator is in neutral territory.

H1 chart: The USDX has made a rebound at the support level of 81.40, so this instrument is trying to make a breakout at the resistance level of 81.58. If successful, the next target would be the resistance level of 81.73, which is also a strong level, so care must be taken when placing orders swing below that level. The MACD indicator is entering neutral 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 08, 2014 Trend News

Daily chart: The GBP/USD continues to form a higher low pattern below the resistance level of 1.6851, where the pair tried to perform a bullish rebound but failed. If the GBP/USD manages to make a breakout at the support level of 1.6766, it would be expected to fall to the level of 1.6663. The MACD is in negative territory.

H4 chart: The GBP/USD has not made significant changes in this chart, as this pair continues to find support at 1.6820 level. If the GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6762. However, caution when placing sell orders is currently recommended. The MACD indicator is entering negative territory.

H1 chart: This pair again has made a breakout at the level of 1.6850, so far, the GBP/USD is trying to fall to the support level of 1.6800. If the pair manages to consolidate below that level, the next target would be the support level of 1.6750, which would be a bearish consolidation in the medium term.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6800, take profit is at 1.6750, and stop loss is at 1.6850.

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Intraday technical levels and trading recommendations on GBP/USD for August 7, 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 appeared yesterday, considerable bullish recovery took place. This bullish movement was formed below 1.6880.

Yesterday, the GBP/USD pair declined again towards 1.6827. This came 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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Intraday technical levels and trading recommendations on EUR/USD for August 7, 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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USD/CAD intraday technical levels and trading recommendations for August 7, 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).

As we mentioned yesterday, bearish rejection should be anticipated this week especially after such a long bullish rally that originated off 1.0650 and 1.0710.

Bearish rejection was manifested around the price level of 1.0970 ( around 50% Fibonacci ) where a Shooting Star daily candlestick was expressed as depicted on the chart.

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

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GBP/USD intraday technical levels and trading recommendations for August 7, 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 and 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) as well as during yesterday's visit.

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

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Daily analysis of GBP/JPY for August 07, 2014 Trend News

Overview

In the H4 chart, the pair reversed its downward move taking an upward move due to the strong Support level of 171.50. Today as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level of 172.30. Currently, it is testing the Resistance level of 172.60 trying to break it through to continue its bullish move which means more buy signals. So, we should wait till the price closes above the Resistance level of 172.60 before making the decision to have a bullish signals with the first target few pips below the next Resistance level of 173.30. But closing below the Resistance level of 172.60 cancels the bullish move scenario.

Resistance and Support levels: R3 (173.75), R2(173.30), R1(172.60), S1 (172.30), S2 (171.50), S3(171.00).

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Daily analysis of Silver for August 07, 2014 Trend News

Overview

From today's H4 chart, we see that the metal is still trading between the support level of 19.75 and below the resistance level of 20.00. Silver failed to break the resistance level yesterday and bounced from it. It took slightly downward move. Currently, it is approaching the support level of 19.75 again. Presently, we suggest waiting for closing above the resistance level of 20.00 in case it bounces from the support level to give us a new opportunity for more buy signals with the first target of few pips below the resistance level of 20.20. After breaking this resistance level, silver would open the way towards the Resistance level of 20.50, which means more bullish signals.

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 GBP/USD for August 7, 2014 Trend News

Trading recommendations :

• According to the previous events, the GBP/USD pair is going to move between the level of 1.6880 and 1.6790.


• The resistance is set at the level of 1.6894. Consequently, the market will indicate a bearish opportunity below 1.6894, because the level of 1.6894 is going to act as strong resistance today.


• Accordingly, it will be a good sign to sell below this level today with the first target of 1.6830 in order to test the daily pivot point in H1 chart.


• Moreover, if the trend succeeds to close below 1.6830, then the market will be continuing in a downtrend below the weekly support level towards the level of 1.6760.


• But the stop loss should be placed above 1.6900 at the price of 1.6925.

Intraday technical levels :

• Projected high:1.6915


• Strong resistance (sell limit):1.6894


• Current pivot:1.6830


• Strong support (buy limit):1.6756


• Projected low:1.6733

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Technical analysis of AUD/USD for August 7, 2014 Trend News

Overview :

• The support will form at the level of 0.9250 because this level has also formed a double bottom on August 7, 2014 at the level of 0.8890. The AUD/USD pair has risen from the strong level of 0.9250 and is going to climb further to as high as 0.9280 this morning. Additionally, it also should be noticed that the range of the AUD/USD pair will be around 70 pips because the turbulent market was indicating higher volatility. Moreover, the price has set above 00% of Fibonacci retracement levels for five weeks at the above-mentioned level. Consequently, we expect a saturation around the level of 0.9250. Hence, the market is likely to start showing the signs of the bullish market again in order to indicate a bullish opportunity from the levels of 0.9250 and 0.9280 (23.6% of Fibonacci retracement levels in H4 chart). Therefore, buy above 0.9250 or/and 0.9280 with the first target at 0.9310. Besides, it will call for upward move in order to continue bullish development towards 0.9333. On the other hand, if the bulls force to pullback at the level of 0.9250 and sellers can break this level, hence the best solution is to set the stop loss at the price of 0.9220.

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EUR/NZD analysis for August 07, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested and rejected from the level of 1.5863 in a volume above the average according to the daily time frame. 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). I have placed Fibonacci retracement from the most recent downward leg and I got Fibonacci retracement 61.8% at the price of 1.5825. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5845

R2: 1.5873

R3: 1.5918

Support levels:

S1: 1.5755

S2: 1.5727

S3: 1.5682

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 07, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,309.27 in a volume above average according to the daily time frame. According to the 4H timeframe, we can observe ultra high volume demand bar (buying climax), so buying at this stage looks riksy. Our Fibonacci expansion 161.8% at the price of 1.309.00 is on the test. We can also observe Fibonacci retracement 38.2% at the price of 1,306.00. Buying in resistance is risky, so we may see bearish reaction. Anyway, if the price breaks the level of 1,309.00 in a higher volume, we may see testing the level of 1,320.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,311.16

R2: 1,316.47

R3: 1,325.07

Support levels:

S1: 1,293.97

S2: 1,288.66

S3: 1,280.07

Trading recommendations: Be careful with buying Gold at this stage since price is on the resistance level (Fibonacci expansion 161.8%).

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#USDX Technical analysis for August 7, 2014 Trend News

The Dollar index remains inside the upward sloping channel. The trend remains up. Price made a pull back yesterday as expected. Now, we see the Dollar index try and push to new higher highs towards 81.80. The Dollar index almost touched my price target of 81.75 yesterday. Prices pulled back towards the Ichimoku cloud support. Now, we see renewed buying strength pushing the index higher.

Price is above the Ichimoku cloud and still inside the short-term upward sloping green channel. Short-term resistance is found at 81.55 and if broken it could push the Dollar index towards 81.75. My short-term target if resistance is broken is the 81.85 level. Support is found at 81.45. If broken we could see a pull back towards the Ichimoku cloud at 81.30.

The Dollar index is right on top of the lower boundaries of the green upward sloping channel in the daily chart. Support is strong at 81.30-81.40 area. I expect the upward trend to continue as long as price is above 81.15. The medium-term target is 82.

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Gold Wave analysis for August 7, 2014 Trend News

Gold price showed a buy signal yesterday as it broke above the wedge and above the Ichimoku cloud resistance. Price has held above the critical $1,280 price level. Gold price has started an upward move from $1,280. According to the short-term bullish scenario, wave A was completed at $1,346. Wave B at $1,280 is now the most probable scenario to come true. The decline from $1,346 is not impulsive. So, this decline cannot be the start of a downward impulsive move that will bring Gold price to $1,000. So, wave E is still underway and not complete. We are currently at wave C of wave E of wave 4.

Gold price as shown in the 4 hour chart above has broken out of the downward sloping wedge. It has also broken above the Ichimoku cloud. The cloud support is now at $1,295. Gold price has also broken above the 78.6% Fibonacci retracement of the move from $1,312 to $1,280. We might see a pull back towards $1,300 but I expect Gold price to continue making higher highs and higher lows.

Gold price has broken once again above the Ichimoku cloud in the daily chart. This is a bullish sign. My short-term target for Gold price is the $1,340-50 level. As long as Gold price trades above $1,285, I expect this upward move to unfold and push higher towards the upper boundaries of the red triangle.

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Elliott wave analysis of EUR/NZD for August 7, 2014 Trend News

Today's support and resistance levels:

R3: 1.5867

R2: 1.5846

R1: 1.5826

Current spot: 1.5808

S1: 1.5795

S2: 1.5774

S3: 1.5749

Technical summary:

The correction from 1.5867 became slightly deeper that expected (the low has been 1.5749). However, it does not change anything in the overall bullish picture and it should be a question of time before we will see a break above 1.5867 for a continuation higher to 1.5900 on the way towards 1.6200 and higher.

In the short term, we expected minor support at 1.5795 that will be able to protect the downside for a break above 1.5829 confiming the next rally higher to 1.5900 and beyond.

Trading recommendation:

We are long in EUR from 1.5710 and will keep our stop at 1.5695. If you are not long in EUR yet, then buy near 1.5795 with the same stop at 1.5695.

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Elliott wave analysis of EUR/JPY for August 7, 2014 Trend News

Today's support and resistance levels:

R3: 137.35

R2: 137.25

R1: 137.15

Current spot: 136.71

S1: 136.61

S2: 136.45

S3: 136.16

Technical summary:

The expected decline to 135.49 is unfolding as expected and we should now see minor resistance at 137.15 to protect the upside for a break below 136.61 and, more importantly, below 136.15 for the final decline to 135.49 to end wave iii and set up a correction in wave iv to just below 138.00.

As we get closer to the ideal target near 135.49, the volatility will rise and the short-term swing will seem more eratic. This is because the battle between the bulls and bears become stronger even as we close in on a longer-term important low.

Trading recommendation:

We are short in EUR from 138.00 and will move our stop lower to 137.15. If you are not short in EUR yet, then sell near 137.11 with the same stop at 137.15.

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Daily analysis of major pairs for August 7, 2014 Trend News

EUR/USD: This is a bear market and the price could go further downwards, testing the support line at 1.3350 and then another support line at 1.3300. The resistance line at 0.9100 should act as an obstacle to the near-time rallies in the market. Should the price go above that resistance line, one would need to consider covering one’s short trades.

USD/CHF: This is a bull market – in contrast to what the EUR/USD is doing. The bullish bias is confirmed by the fact that the EMA 11 is above the EMA 56, while the Williams’ % Range period 20 is reverting away from the overbought area, creating an opportunity for another long trade.

GBP/USD: The GBP/USD is still bearish in outlook, and the accumulation territory at 1.6800 would soon be tested. There is a distribution territory at 1.6900, which would act as an impediment to any bullish effort along the way. In addition, strong fundamental figures are expected today and they will have significant impact on the markets.

USD/JPY: The Bullish Confirmation Pattern in this turbulent market is still sensible, though the bearish run that happened yesterday nearly made it useless. The basic trading idea is this: as long as the price is above the demand level at 102.00, the bullish bias is valid. But when the price closes below that demand level, we would need to consider short-selling opportunities.

EUR/JPY: After testing the demand zone at 136.50, this currency trading instrument bounced back upwards. The upward bounce is expected to take place in the supply zone at 137.50. This is an area from which the price could fall further lower.

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Technical analysis of USD/CAD for August 7, 2014 Trend News

General overview for 07/08/2014 08:05 CET

The count has been adjusted slightly but the general outlook is still unchanged: red wave 4 of a corrective cycle must be completed before new highs will be made. So far, the market has done the first leg of the correction, labeled as a purple wave. There is at least two more legs to the downside coming but the possibility of a triangle shaped corrective cycle can not be ruled out yet. The key level to the upside is the intraday resistance at the level of 1.0943. Breakout above means the recent swing high will be put to the test.

Support/Resistance:

1.0991 - WR1

1.0985 - Swing High

1.0943 - Intraday Resistance

1.0903 - Intraday Support

1.0892 - Weekly Pivot

Trading recommendations:

Swing traders should still keep their long positions open and buy the dips into the level of 1.0875.

Day traders might consider opening intraday sell orders at the level of 1.0943, with SL above the level of 1.0986 and TP at the level of 1.0875.

The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of EUR/JPY for August 7, 2014 Trend News

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

The target level anticipated yesterday has been hit and even extended due to a brief flash crash on yen pairs. Now, the market is in a corrective cycle. Currently, the count indicates that a first wave of the correction is done and only a breakout below the level of 136.83 is the confirmation of this view. Please, notice that the shape of the correction may vary as the market is in green wave B of the corrective cycle.

Support/Resistance:

136.14 - WS2

136.83 - Intraday Support

137.04 - WS1

137.15 - Intraday Resistance

137.33 - Technical Resistance

Trading recommendations:

Day traders should refrain from trading and wait for the news later in the day.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for August 7, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 7, 2014