Intraday analysis and trading recommendations for August 12, 2014 Trend News

The pair is trading on a bearish note before the key economic events such as the German Zew economic sentiment index and Zew economic sentiment index for the eurozone. We expect the German Zew index to drop again. Today in Asia's session, the pair is trading exactly at the strong support at 1.3360 (100DSma), a low made as of now at 1.3367. If the pair hits this and closes below 1.3360, we can see 1.33/1.3295 easily. For the last 2 weeks, the pair opened higher. Until it breaches 1.3410, 1.3432 and 1.3444, we recommend selling on every up move.

Resistance 1.3410 1.3434 1.3444

Support 1.3360 1.3332 1.3292

Intraday cmp 1.3373

The prices are trading and close below the hourly moving averages. On the downside, it has support at 1.3360-1.3357, a break below this, 1.3332 and 1.3295 will act as strong support. On the upper side, the pair has strong resistance at 1.3385. Until the pair trades below 1.3385, sellers will mint the money. We recommend buying only above 1.3385 for targets at 1.34, 1.3410, 1.3434 and 1.3445. Strong reversal will take place above 1.3445 towards 1.35 and 1.3550 levels.

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Technical analysis of EUR/USD for August 12, 2014 Trend News

When the European market opens, some economic news will be released such as German ZEW Economic Sentiment, ZEW Economic Sentiment. The US will release the economic data too such as the NFIB Small Business Index, JOLTS Job Openings, Federal Budget Balance, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3448.

Strong Resistance:1.3440.

Original Resistance: 1.3427.

Inner Sell Area: 1.3414.

Target Inner Area: 1.3382.

Inner Buy Area: 1.3350.

Original Support: 1.3337.

Strong Support: 1.3324.

Breakout SELL Level: 1.3316. 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 12, 2014 Trend News

In Asia, Japan will release the PPI y/y, 30-y Bond Auction, Revised Industrial Production m/m; the US will release some economic data such as NFIB Small Business Index, JOLTS Job Openings, Federal Budget Balance. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.86.

Resistance. 2: 102.86.

Resistance. 1: 102.46.

Support. 1: 102.20.

Support. 2: 102.00.

Support. 3: 101.80.

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 EUR/JPY for August 12, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair had bounced off from 135.70 levels last week but still needs to clear 138.00 (immediate resistance) to confirm that the next move may be higher. Till prices remain below 138.00, the pair could continue drifting lower.

2. Support is seen at 135.70 (interim), followed by 134.00 and lower while resistance is seen at 138.00, followed by 139.25 and higher up respectively.

3. The structure indicates that EUR/JPY needs to clear 138.00 resistance to confirm buy on dips.

Trading recommendations:

Remain flat for now.

Good luck!

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Weekly forecast and intraday trading recommendations for August 12-15, 2014 Trend News

GOLD

The metal was rejected at $1,324 levels, hit the 200DEma, and closed below that. As we expected to close above $1,324.50, the short term will turn positive, but it was rejected below that level. The metal has resistance at $1,312 levels, above which it looks safe to buy. The geopolitical concerns over Russia and Ukraine are receding. The metal opened below the 200DEma. Until the prices close below $1,309.50, sellers will mint the money.

Bears' perspective-

Prices closed below $1,309.50, intraweek turns to selling on an up move.

Prices trade below $1,312, intraweek turns to selling on an up move.

Bulls perspective

Daily/Weekly close above $1,309.50 (200DEma), the near term turns positive (August)- Pending

A daily close above $1,312, the weekly trend turns positive- Pending

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

Intraweek August 12-15

Support $1,302 $1,300 $1,294

Resistance $1,310 $1,312 $1,324.50

Intraday cmp $1,306.50

The metal is trading below the 12ema and 21hrsma, which indicates a bearish for an intraday basis. On the down side, it has support at $1,302, this is the last hope for the bulls to hold. We recommend buying only above $1,309.50/$1,310, until it sellers will mint the money. We can see the selling pressure below $1,302, panic, below $1,300 towards $1,294 and $1,290 levels.

Sell with sl $1,309.50

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Technical analysis of GBP/CHF for August 12, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair could still continue to drift lower until 1.5070 levels as depicted here. The pair may stage intermediary pullback rallies though. As discussed earlier, a potential head and shoulder top and reversal is under way (with right shoulder around 1.5350).

2.Support is seen at 1.5140, followed by 1.4960/70 and lower while resistance is seen at 1.5350, followed by 1.5430/50 respectively.

3. The structure indicates that GBP/CHF could continue drifting lower at least towards 1.5070 before a meaningful pullback can materialize.

Trading recommendations:

Remain short, move stop to break even, target is 1.5070.

Good luck!

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Technical analysis of Gold for August 12, 2014 Trend News

Technical outlook and chart setups:

1. Gold has drifted sideways for a while now, and it is likely preparing to drift lower towards at least $1,295.00 levels before rallying further up. The metal is expected to test $1,315.00/16.00 levels before breaking below the $1,300.00 mark.

2. Support is seen at $1,295.00 (fibonacci), followed by $1,280, $1,260.00/40.00 and lower while resistance is seen at $1,324.00, followed by $1,340.00/50 and higher respectively.

3. The structure indicates that Gold could continue drifting lower for now, before rallying further up.

Trading recommendations:

Preparing to again go long again around the $1,295.00 mark.

Good luck!

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Daily analysis of USDX for August 12, 2014 Trend News

Daily chart: The USDX has not been significantly changed within the current trend, because this instrument continues forming a bullish pattern below the resistance level of 81.50. During yesterday's session, the USDX formed a fractal, so it might find strong support on the level of 81.35, for performing a rebound. The MACD indicator is entering negative territory.

H4 chart: The USDX remains above the support level of 81.28. For now, the USDX continues to move in a range, but remains solid in the current bullish trend. If the USDX does make a breakout at the 81.75 level, it is expected to rise to the level of 82.20. The MACD indicator is entering neutral territory.

H1 chart: The USDX has made a rebound on the 200-day moving average, so it is very likely that this instrument will attempt to climb the resistance level of 81.58 in the coming hours. If the USDX does make a breakout at that level, the next target would be the resistance level of 81.73 in the short term. 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 12, 2014 Trend News

Daily chart: This pair has remained above the support level of 1.6766, where the GBP/USD has tried to make a breakout to continue falling. If the GBP/USD manages to make a rebound at that support level, it is expected to rise to the resistance level of 1.6851. For now, this pair continues forming a higher low pattern. The MACD indicator is entering negative territory.

H4 chart: GBP/USD formed a fractal near the resistance level of 1.6820, where the pair remained strong in the bearish bias. If the GBP/USD manages to make a breakout at the level of 1.6762, the next target would be the support level of 1.6731. However, the GBP/USD could try to climb up the resistance level of 1.6900, because this pair is oversold.

H1 chart: This pair has moved in a range for the last hours, below the resistance level of 1.6800. If the GBP/USD manages to make a breakout at the 1.6750 level, it would be expected to fall to the level of 1.6700, that is quite likely, given that the MACD indicator is entering overbought area.

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 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.

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USD/CAD intraday technical levels and trading recommendations for August 11, 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 before, 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 (Fibonacci 50% level ) where a Shooting Star daily candlestick was expressed on Wednesday.

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

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Intraday technical levels and trading recommendations on EUR/USD for August 11, 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, the EUR/USD pair has already pushed lower towards 1.3330 (the prominent bottom established on November 8, 2013), following the release of the initial readings of the Italian GDP, which declined by -0.2%. Bullish price action was manifest during the last few daily candlesticks especially on Friday's one.

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.

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

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.

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Intraday technical levels and trading recommendations on GBP/USD for August 11, 2014 Trend News

Breakdown of the DEMAND level around 1.6975 allowed a 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, considerable bullish recovery took place. This bullish movement was stopped below 1.6880 when the bears applied pressure at the price level of 1.6880.

On Wednesday, the GBP/USD pair declined again towards 1.6770. 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 break-down the price level of 1.6760 (the previously broken top established in February 2014 ).

On the other hand, failure of the bears to fixate below 1.6760 will probably allow the bulls to initiate a bullish corrective movement towards 1.6820 and 1.6900 as well.

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.

The price zone of 1.6830 - 1.6800 remains a significant zone as it corresponds to a previous consolidation zone established in June as well as the upper limit of the ongoing bearish channel.

However, 4H breakdown of this zone exposes the price levels around 1.6760 and 1.6730 to be hit shortly after.

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Technical analysis of USD/JPY for August 11, 2014 Trend News

Overview:

USD/JPY is expected to trade in a higher range after hitting a two-week low at 101.69 on Friday. It is underpinned by the reduced safe-haven appeal of the yen as the global risk sentiment improves (VIX fear gauge eased 5.34% to 15.77; S&P 500 rose 1.15% to close at 1,931.59 Friday) on news reports that Moscow was de-escalating its conflict with Ukraine and that Russian troops were returning to their base after military drills, and on record China July trade surplus of $47.3 billion (versus forecast $27.7 billion) as exports rose 14.5% on-year (versus forecast of +8.0%) and imports fell 1.6% (defying forecast of 3.0% increase). USD/JPY is also supported by the demand from Japanese importers. But USD/JPY gains are tempered by Japanese export sales and the weaker USD sentiment (ICE spot dollar index last 81.42 versus 81.53 early Friday) on the U.S. commitment to air strikes in Iraq. U.S. data were mixed on Friday as better-than-expected 2.5% rise in U.S. 2Q non-farm productivity (versus forecast +1.6%) offset lower-than-expected 0.6% annual rate rise in U.S. 2Q unit labor costs (versus forecast +1.2%) and smaller-than-expected 0.3% increase in U.S. June wholesale inventories (versus forecast +0.7%).

Technical comment:

The daily chart is mixed as MACD is bullish but stochastics is in a bearish mode.

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 102.45 and the second target at 102.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.40. A break of this target would push the pair further downwards and one may expect the second target at 101.15. The pivot point is at 101.90.

Resistance levels:

102.45

102.75

103

Support levels:

101.40

101.15

100.75

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Technical analysis of USD/CHF for August 11, 2014 Trend News

Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the weaker USD sentiment and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the franc sales on buoyant EUR/CHF cross and dovish Swiss National Bank's monetary policy. The daily chart is tilting negative as stochastics is in a bearish mode, MACD is turning bearish and bearish parabolic stop-and-reverse signal was hit on Friday.

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 0.9030. A break of this target will move the pair further downwards to 0.9010. The pivot point stands at 0.9085. 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 0.9115 and the second target at 0.9135.

Resistance levels:

0.9115

0.9135

0.9155



Support levels:

0.9030

0.9010

0.8975

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Technical analysis of NZD/USD for August 11, 2014 Trend News

Overview:

NZD/USD is expected to trade with risks skewed higher. It is supported by the weaker USD sentiment and Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. But NZD/USD gains are tempered by the weak dairy prices and Kiwi sales on buoyant AUD/NZD cross. The daily chart is still negative-biased as MACD is bearish, stochastics stays suppressed in the oversold zone, five and 15-day moving averages are declining.

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 0.8485 and the second target at 0.8505. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8375. A break of this target would push the pair further downwards and one may expect the second target at 0.8350. The pivot point is at 0.8420.

Resistance levels:

0.8485

0.8505

0.8530

Support levels:

0.8375

0.8350

0.8315

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Technical analysis of GBP/JPY for August 11, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is supported by the improving investor risk appetite and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales. The daily chart is mixed as MACD and stochastics are turning bullish, but five-day moving average is below 15-day MA and is 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 170.70. A break of this target will move the pair further downwards to 170.20. The pivot point stands at 171.65. 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 172 and the second target at 172.65.

Resistance levels:

172

172.65

173



Support levels:

170.70

170.20

169.85

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Weekly technical levels of GBP/USD for August 11-15, 2014 Trend News

The weekly technical levels of GBP/USD pair.

• If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1.


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


• If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a downtrend.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.


• Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term, you will surely lose your profit.

Observations :

• According to the previous events, the GBP/USD pair is going to move between 1.6766 and 1.6809 today.


• It should be noted that the level of 1.6766 represents the double bottom and the weekly pivot point is placed at the price of 1.6809.


• The resistance will be set at the level of 1.6851 this week.


• The support has already been placed at the price of 1.6730.


• We expect a new range about 125 - 140 pips this week.


• The key level will be set at the level of 1.6850.

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Weekly technical levels of EUR/USD for August 11-15, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Trading recommendations :

• According to the previous events, the price of EUR/USD pair has still been moving between 1.3490 and 1.3350.


• The support has already set at the price of 1.3350 and the double bottom will be placed at the 1.3331 price.


• Buy above the level of 1.3335/1.3350 with the first target of 1.3390 in order to test the weekly pivot point; it might resume to 1.3430.


• Also, it should be noted that the resistance sets at 1.3450.


• Therefore, below the level of 1.3450, look for further downside with the 1.3400 and 1.3366 targets.

Comment :

• The weekly pivot point sets at 1.3398 could hit the moving average (50).


• Stop loss should never exceed your maximum exposure amounts.


• As a rule, the market is highly volatile (133.81) if the previous day had a huge volatility.

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EUR/NZD analysis for August 11, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading sideways. I have placed Fibonacci expansion to find potential end of a bullish corrective phase (abcd) and I got Fibonacci expansion 161.8% at the price of 1.5815 (currently on the test). We can observe a weak demand in a low volume according to the 4H time frame, which is a sign that buying at this stage looks risky. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). We are still waiting for larger movement and larger activity on this pair. Be careful when buying this pair and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5861

R2: 1.5885

R3: 1.5922

Support levels:

S1: 1.5786

S2: 1.5762

S3: 1.5724

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 11, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,305.89 in a volume above average according to the 4H time frame. According to the 1H timeframe, we can observe supply in ultra high volume (selling climax), which is a sign that buying looks risky. We can also observe rejection from our Fibonacci retracement 61.8% at the price of 1,320.00. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see testing the level of 1,343.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,312.30

R2: 1,312.96

R3: 1,314.03

Support levels:

S1: 1,310.16

S2: 1,309.50

S3: 1,308.43

Trading recommendations: Buying Gold looks risky since we got successful rejection from our Fibonacci retracement 61.8%.

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Elliott wave analysis of EUR/NZD for August 11, 2014 Trend News

Today's support and resistance levels:

R3: 1.5757

R2: 1.5845

R1: 1.5825

Current spot: 1.5818

S1: 1.5797

S2: 1.5787

S3: 1.5778

Technical Summary:

We have not really been able to gain any leadway the last couple of days and the reason is, that a wave iv triangle is unfolding. In the short term, we should see a decline close to support at 1.5778 to end the triangle and set-up the final rally higher to 1.5964 to end the first impulsive rally from 1.5398. Once this rally to 1.5964 is over, look for a new decline to 1.5740 and maybe even slightly below before the next impulsive rally should be seen.

Trading recommendation:

We are long in EUR from 1.5710 and will keep our stop at 1.5725. Place take profit at 1.5950. If you are not long in EUR yet, then buy EUR close to 1.5778 with the same stop at 1.5725 and stop profit at 1.5950.

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Elliott wave analysis of EUR/JPY for August 11, 2014 Trend News

Today's support and resistance levels:

R3: 137.06

R2: 136.92

R1: 136.85

Current spot: 136.79

S1: 136.55

S2: 136.39

S3: 136.23

Technical summary:

Wave iii ended a little early at 135.73, with the ideal target being 135.48. However, the break above 136.46 clearly told us, that wave iii was in place and wave iv was developing for a correction close to resistance at 138.00 before the final decline in wave v towards the ideal target at 134.34.

In the short term, we could see a minor decline to support at 136.23 before the rally to 138.00 to end wave iv and set the stage for the final decline in wave v to 134.34.

Trading recommendation:

Our stop+reverse at 136.50 was hit for a nice profit. We are now long in EUR from 136.50. Take profit here at 136.79 and re-buy EUR at 136.30 with stop place at 135.70 and take profit+reverse at 137.75.

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Technical analysis of USD/CAD for August 11, 2014 Trend News

General overview for 11/08/2014 09:10 CET

The corrective cycle is getting more complex and time consuming now. Two possible count are available. The first one indicates an irregular flat correction present in purple wave b. So, now one more leg to the downside should be expected to completed the whole cycle in corrective red wave 4. The other alternative scenario indicates a possibility of a triangle in wave 4 (alrternative labeling) and a final leg to the upside in red wave 5 that looks like almost completed. The target for that final leg would be at the level of 1.1011. On the other hand, breakout below intraday support at the level of 1.0945 is a little bit more bearish and chances for purple wave c to the downside are increased then.

Support/Resistance:

1.1011 - WR1

1.0985 - Intraday Resistance

1.0957 - Weekly Pivot

1.0945 - Intraday Support

1.0928 - WS1

1.0904 - Techncial Support

1.0875 - WS2 | Wave 4 Red Target Level |

Trading recommendations:

Please, refrain from trading this pair until the corrective cycle is completed.

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Technical analysis of EUR/JPY for August 11, 2014 Trend News

General overview for 11/08/2014 09:00 CET

The upward corrective cycle continues in this pair with the first leg to the upside completed. Currently, the second leg of correction is in progress and only a breakout below the level of 135.71 would invalidate the view and put the top for red wave 2 at the level of 136.99. On the other hand, any breakout above the level of 137.11 invalidates the main count and makes the corrective cycle to retrace more to the upside.

Support/Resistance:

138.01 - Red Count Invalidation Line | WR1 |

137.33 - Technical Resistance

137.11 - Main Count Invalidation Line

136.99 - Intraday Resistance

136.59 - Intraday Support

135.83 - WS1

135.71 - Wave (i) Green Low

Trading recommendations:

Please, refrain from trading this pair until the corrective cycle is completed.

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#USDX Technical analysis for August 11, 2014 Trend News

There are increased chances that the Dollar index has topped. I'm very sceptical if the Dollar index can continue higher now. I believe it should first at least make a downward pullback. Price is stalling near the highs with short-term price action showing signs of bearish reversal.

In the 4 hour chart, price is still above the Ichimoku cloud but is making lower highs and lower lows. Support by the green price channel and the Ichimoku cloud at 81.35 is crucial. If broken, we should expect to see more downside pressures towards 81 at least.

The daily chart shows how daily candles are testing the longer-term upward sloping channel. We should be bearish if price breaks below the channel and this means below 81.20. This could be a sell signal with 80.80 as the first target and 80.20 as the second target. If support is held at 81.35, we should expect the Dollar index to rise towards 82.10.

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Gold Wave analysis for August 11, 2014 Trend News

Gold price has completed 5 waves up from $1,280 and has started its pullback since Friday. I expect more upward moves in Gold price that could reach $1,350 as long as price is above $1,280. The trend is up in the short term. Momentum is bullish and it is now clear that an important low has been made at $1,280. It is a crucial support that bulls must hold.

Gold price is above the Ichimoku cloud. Gold price as shown in the 4 hour chart has completed 5 waves up and has retraced 38% of the upward move so far. We could still see the price pullback towards $1,300 where the 61.8% Fibonacci retracement is found. I expect that after the corrective decline is over, a new upward move to push price towards $1,350.

The daily chart is bullish again as price has moved back above the Ichimoku cloud. After breaking the downward sloping wedge, I expect Gold price to at least reach the red boundaries of the triangle pattern where we will have more clues for the bigger structure of Gold price. In conclusion, we could see a pullback towards $1,300 that I believe will be a buy opportunity with $1,280 as a stop and $1,350 as a target. Breaking below $1,280 will push price at least towards $1,270 where critical support is found.

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Weekly forecast and an intraday analysis of GBP/JPY for August 11-15, 2014 Trend News

Weekly forecast August 11-15, 2014

The pair is trading at near a 5-week low. The pair declined and closed below the 100DSma. In Friday's session the pair was rejected from 100 DSma. The pair has a strong support at 170.45 and 170.20 (200DSma). The Yen benefited from the Iraq war and after the weekend the tensions were reduced. A day closed below 170.45, we can expect 169.78 and 169.50 in the near term. On the upside, it has a resistance at 172.25 and 172.65. As long as the pair is trading below 172.25, the sellers will mint the money.

Support 170.72 170.20 169.50

Resistance 171.90 172.30 172.65

Intraday cmp 171.29

The pair is facing strong resistance at 12ema for the latest 12 hours. We recommend to buy only above 171.50 with the targets of 171.70, 171.80 and 172.50. Strong reversal will take place above 172.50 towards 173 and 173.50.

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Weekly forecast and an intraday analysis of EUR/JPY for August 11-15, 2014 Trend News

Weekly forecast August 11-15, 2014

The pair hit the 2-year support trend line in the weekly chart, but managed to close above that. On a short-term basis, the pair was rejected twice from 50WSma and closed, trading below that. The yen benefited from the Iraq war and after the weekend the tensions were reduced. In the early Asia's session, the pair made a low at 136.74 and is currently trading at the 136.84 levels. The pair is facing strong resistance at 137.10 (20DSma). Today, the pair opened with a bearish note higher at 137.02. As long as the pair is trading below 137.11, sellers make profits. On the downside, it has a support at 136.20, below this 136 is the solid support. If this takes place, we can expect the 134 and 133.50 levels in the near term.

Support 136.20 136 134.50

Resistance 137.11 137.23 138.0

Intraday cmp 136.84

The pair was rejected from 34hr sma and it is holding the hourly support at 136.60. We recommend to sell below 136.60 with the targets at 136.25 and 136.0. On the upside, purchase above 137.15 will be gainful for a target of 137.56

A day close above 137.10, the weekly trend turns positive for 138-pending.

A day close below 136.20, the weekly trend turns negative for 134- pending.

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