Technical analysis of Silver for Aug 15, 2014 Trend News

Technical outlook and chart setups:

1. Silver has retraced/pulled back towards the $19.60 levels just a while back and is pulling back again, trading around $19.75 levels at the moment. The metal is seen to be bouncing off between the fibonacci 0.618 and 0.786 support levels. Recommendations are to initiate long positions now, risk remains below $19.40.

2. Support is seen at $19.40, followed by $19.00, $18.60 and lower while resistance is seen at $21.50, followed by $21,70, $22.30, and higher respectively.

3. The structure indicates that Silver could turn higher from the current levels, remain long.

Trading recommendations:

Initiate long positions now, stop below $19.40, target is open.

Good luck!

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Technical analysis of Gold for Aug 15, 2014 Trend News

Technical outlook and chart setups:

1. Gold has retraced towards the $1,293.00/94.00 levels as discussed earlier. As seen here, the intermediate support line and past resistance turned support is around the same region. It is recommended to initiate long positions now, risk remains below $1,280.00.

2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,325.00, followed by $1,340.00/50, $1,388.00 and higher respectively.

3. The structure indicates that Gold retracement/pullback could be finished here and the metal could turn higher again.

Trading recommendations:

Initiate long positions here, stop below $1,280.00, target open.

Good luck!

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Intraday technical levels and trading recommendations on EUR/USD for August 15, 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.

Again, the EUR/USD pair has pushed lower towards 1.3330 (prominent bottom established on November 8, 2013), once more after the initial testing that followed the release of the initial readings of the Italian GDP last Thursday.

Bullish fixation above 1.3440 is essential to acquire a momentum strong enough to initiate a bullish corrective move towards 1.3530.

Breakdown of 1.3500 cancels the bullish structure allowing the bears to pursue towards the price level of 1.3420 which represents the upper limit of the newly established consolidation zone (1.3340-1.3420).

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 (Fibonacci Expansion Levels).

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

Range breakout is likely to occur soon. A valid entry is suggested in the same direction of the breakout.

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Intraday technical levels and trading recommendations on GBP/USD for August 15, 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.

When retesting the price zone of 1.6800-1.6820, considerable bullish recovery took place. This bullish movement was halted below 1.6880 when the bears applied considerable bearish pressure.

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.

A pattern of multiple tops was confirmed after breakdown of the depicted bullish channel when the price zone between 1.7140 - 1.7170 provided evident bearish price action.

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

However, 4H fixation below this zone exposed the price levels around 1.6660-1.6680 where the lower limit of the current bearish channel is located.

Note that the GBP/USD pair has been downtrending for almost 20 days without significant correction.

Thus, any bullish fixation above 1.6725 cancels the current steep trend allowing a deeper bullish correction to occur.

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USD/CAD intraday technical levels and trading recommendations for August 15, 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. Moreover, another bearish engulfing daily candlestick was expressed on Monday off the same levels (around 50% Fibonacci). This enhances the short-term bearish direction in the form of a double-top pattern on the 4H chart as well. Initial bearish target is located around 1.0825 where price action should be watched then.

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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GBP/USD intraday technical levels and trading recommendations for August 15, 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 a 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.

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

However, this price zone failed to provide support during the 2nd visit that took place on Friday exposing the price level of 1.6765 for retesting.

As expected, price levels around 1.6760 provided a valid BUY entry towards 1.6820.

On Wednesday, the price levels around 1.6800-1.6820 offered a valid SELL entry. SL should be set at daily closure above 1.6860.

Bearish targets should have been reached initially around 1.6670 where the lower limit of the ongoing bearish 4H channel is located.

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EUR/NZD analysis for August 15, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price was tested and rejected from the level of 1.5773 in a volume above the average. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci expansion to find resistance levels and I got Fibonacci expansion 61.8% at the price of 1.5763 (currently on the test), Fibonacci expanson 100% at the price of 1.5782. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). I have placed Fibonacci retracement from the most recent upward leg and I got Fibonacci retracement 38.2 % at the price of 1.5710 (currently on the test). Be careful when buying this pair and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5785

R2: 1.5806

R3: 1.5840

Support levels:

S1: 1.5717

S2: 1.5696

S3: 1.5662

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 15, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways. We are facing a very quiet day and very low activity. We are still waiting for larger movement and larger volume (activity). According to the Daily time frame, we can observe another weak demand candle and successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see the level of 1,343.00 is being tested. My advice is to watch for selling opportunities after retracement. I have placed Fibonacci expansion from most recent ABC swings and I got Fibonacci expansion 100% at the price of 1,318.00. According to the 4H timeframe, we can observe indecision candle in an ultra high volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,320.34

R2: 1,323.12

R3: 1,327.63

Support levels:

S1: 1,311.33

S2: 1,308.54

S3: 1,304.03

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

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Technical analysis of USD/CAD for August 15, 2014 Trend News

Overview :

• The USD/CAD pair has already formed a strong resistance at the level of 1.0960. Furthermore, the double bottom had set at the price of 1.0985 and the same level coincides with the ratio of 100% Fibonacci retracement levels. Equally important, it should be noted that a major support will be set at the level of 1.0845 around the 61.8% Fibonacci retracement levels in H1 chart. As shown, the price of the USD/CAD pair has been trapped between 1.0945 and 1.0875. Also, it should be mentioned that the price moved higher to 1.0940 and turned lower. So, the range will be about 73 pips on August 15, 2014. Additionally, the RSI and the moving average (50) are still calling for a sideways trend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.0845 with the first target of 1.0915 and continuing towards 1.0950 in order to test the resistance at the 1.0960 price. On the other hand, if the price closes below 1.0850. Hence, the price will call for a bearish market to go further towards the double bottom at 1.0803 to test it again next week.

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Technical analysis of AUD/USD for August 15, 2014 Trend News

Overview :

• The AUD/USD pair closed at the price of 0.9300 yesterday. Also, the price has been above the ratio of 23.6% Fibonacci retracement levels for three days. Equally important, the market was quiet and extended further to as high as 0.9330 today. Consequently, it should be noted that the price has formed a strong resistance at the level of 0.9371. Moreover, this strong level has still been moving between 50% of Fibonacci retracement levels and 23.6% in H4 chart. Accordingly, the market will start showing the signs of a bullish market again in order to indicate a bullish opportunity from the 0.9300 level with a target towards the strong resistance around 0.9371. Besides, it should be mentioned that the price of 0.9371 is going to form a double top. Meanwhile, the bulls will be forced to pull back at this spot. As a result, it will be profitable to sell at 0.9371 (in the short term) with a target at the price of 0.9333. It might resume to the 0.9300 price for today.

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Elliott wave analysis of EUR/NZD for August 15, 2014 Trend News

Today's support and resistance levels:

R3: 1.5808

R2: 1.5793

R1: 1.5778

Current spot: 1.5759

S1: 1.5749

S2: 1.5740

S3: 1.5726

Technical summary:

We have been looking for a correction towards support near 1.5707. Till now, we have seen a low at 1.5716, but we still think that a little more downside is needed before wave 2 is considered to be over. In the short term, we could see a move slightly closer to 1.5793 before the next downside pressure is expected. Only an unexected break above resistance at 1.5815 will indicate, that wave 2 is already in place and a new rally to above 1.5898 is developing.

Trading recommendation:

We bought EUR at 1.5715 and will move our stop higher to 1.5735 and take profit at 1.5785. I hope to getting one more chance to buy near 1.5707.

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Elliott wave analysis of EUR/JPY for August 15, 2014 Trend News

Today's support and resistance levels:

R3: 137.52

R2: 137.34

R3: 137.25

Current spot: 137.10

S1: 137.00

S2: 136.85

S3: 136.75

Technical summary:

We were looking for the top at 137.18. We did see a break below 136.85 indicating that the top could be in place, but this cross played us. A new high has been seen at 137.25. As long as support at 137.00 protects the downside, we could still see a move slight higher to 137.34, but the top should be near, but renewed downside pressure is expected soon. A break below 137.00 will be the first strong indication that wave iv is over, while a break below 136.79 will confirm the top for the final decline towards 134.34, where wave C will be equal in length to wave A.

Trading recommendation:

Our close stop at 137.20 was hit for a small loss. We will re-sell EUR at 137.30 or upon a break below 137.00 with a stop at 137.75.

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#USDX Technical analysis for August 15, 2014 Trend News

The Dollar index remains near its highs. The upward sloping channel is being challenged. The short-term uptrend is in danger. Bulls should be very cautious as we see increasing chances of a pull back towards 80.50.

The short-term chart remains bullish as long as the price is above 81.35. Resistance at 81.70 is also important. If broken, the index will push higher towards 82. A short-term trend remains bullish.

The daily trend remains bullish as long as the price is inside the short-term upward sloping channel that is tested today at 81.55. If day closes below 81.50, this will be a bearish sign that more dollar weakness should be expected.

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Technical analysis of EUR/JPY for August 15, 2014 Trend News

General overview for 15/08/2014 09:30 CET

This alternate labeling has been invalidated. Now, the main Elliott Wave count has been established, with the bottom for red wave 1 at the level of 135.71. For the whole week, the market was in a corrective cycle and it looks like a possible zig-zag pattern has been completed; it is labeled here as abc green correction. Moreover, the 61%Fibo level has been reached. The bearish divergence on the momentum oscillator supports the view that a corrective cycle has very little time to last. Nevertheless, please remember that the corrective cycle might evolve to a more complex and time consuming pattern and traders should wait until one of the levels is broken. When that happens, the structure and potential further wave progression will be more clear and friendly for trading.

Support/Resistance:

135.71 - Swing Low

135.80 - WS1

136.35 - Intraday Support

136.85 - Weekly Pivot

137.23 - Intraday Resistance

137.55 - Technical Resistance

137.98 - WR1

Trading recommendations:

Short orders from yesterday have been triggered but it doesn't look like the market is going impulsively to the downside now. Please, wait for more clear structure to appear and bear in mind, that the mid-term bias is still bearish.

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Technical analysis of USD/JPY for August 15, 2014 Trend News

Overview:

USD/JPY is expected to consolidate after hitting a seven-day high at 102.66 on Thursday. It is underpinned by the yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 3.72% to 12.42; S&P 500 rose 0.43% to close at 1,955.18 overnight) as geopolitical concerns over Ukraine waned. Besides, global yields fell as investors bet that major central banks will keep stimulus measures for longer after the recent batch of weak economic data from advanced economies. USD/JPY is also supported by the demand from Japanese importers. But the USD sentiment is dented by the more-than-expected 311,000 U.S. jobless claims in the week ended August 9 (versus forecast 295,000). USD/JPY upside move is also limited by Japanese export sales and lower U.S. Treasury yields (10-year last at 2.403 versus 2.420 late Wednesday) as well as positions adjustment before the weekend.

Data focus:

1230 GMT U.S. July PPI (forecast +0.2%), August Empire State manufacturing survey (forecast 20.0)

1300 GMT U.S. June Treasury international capital data

1315 GMT U.S. July industrial production (forecast +0.2%) & capacity utilization (forecast 79.1%)

1355 GMT University of Michigan preliminary U.S. August survey of consumers (forecast 82.0)

1445 GMT Fed's Narayana Kocherlakota speech.

Technical comment:

The daily chart is positive-biased as MACD and stochastics are bullish.

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 102.75 and the second target at 103. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.95. A break of this target would push the pair further downwards and one may expect the second target at 101.65. The pivot point is at 102.15.

Resistance levels:

102.75

103

103.25

Support levels:

101.95

101.65

101.40

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Technical analysis of USD/CHF for August 15, 2014 Trend News

Overview:

USD/CHF is expected to trade in a range. The CHF sentiment is dented by the 1.3% on-year drop in Switzerland July import price index and 0.6% on-year decline in July PPI. USD/CHF is also supported by the dovish Swiss National Bank's monetary policy. But USD/CHF upside is limited by the franc demand on buoyant CHF/JPY cross and on soft EUR/CHF cross and positions adjustment before the weekend. The daily chart is tilting negative as five-day moving average is falling below 15-day MA; MACD and stochastics are 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 0.9040. A break of this target will move the pair further downwards to 0.9020. 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 0.91 and the second target at 0.9115.

Resistance levels:

0.91

0.9115

0.9135



Support levels:

0.9040

0.9020

0.900

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Technical analysis of NZD/USD for August 15, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with a bullish bias after hitting a seven-day high at 0.8514 on Thursday. The NZD sentiment is boosted by the stronger-than-expected 1.2% increase in New Zealand 2Q retail sales versus forecast +1.0%). NZD/USD is also supported by the Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, Kiwi demand on soft AUD/NZD cross, and NZD-USD interest differential. But NZD/USD gains are tempered by the soft commodity prices, reduced expectations of further rate hikes from the Reserve Bank of New Zealand this year, the official stance against strong Kiwi exchange rate and positions adjustment before the weekend. The daily chart is tilting positive as stochastics is rising from the oversold zone, MACD is staging bullish crossover against its exponential moving average; bullish parabolic stop-and-reverse signal was hit on Wednesday.

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 0.8510 and the second target at 0.8530. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8415. A break of this target would push the pair further downwards and one may expect the second target at 0.8395. The pivot point is at 0.8460.

Resistance levels:

0.8510

0.8530

0.8560

Support levels:

0.8415

0.8395

0.8375

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Technical analysis of GBP/JPY for August 15, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a range. It is supported by the positive risk sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales and positions adjustment before the weekend. The daily chart is positive-biased as MACD and stochastics are in a bullish mode.

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 170.55. A break of this target will move the pair further downwards to 170.20. The pivot point stands at 171.30. 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 171.75 and the second target at 172.65.

Resistance levels:

171.75

172.65

173.30



Support levels:

170.55

170.20

169.85

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Technical analysis of USD/CAD for August 15, 2014 Trend News

General overview for 15/08/2014 09:10 CET

This Elliott Wave count is another variation for a possible shape of the corrective structure in red wave 4. The correction is now a complex one with a WXY brown labeling for a double three pattern. The last leg of this corrective cycle is an ending diagonal wave Y brown that is likely to finish soon and then the upside rebound is anticipated. The target level is the same one I have been paying attention to all week: intraday support at the level of 1.0876.

Support/Resistance:

1.1011 - WR1

1.0957 - Weekly Pivot

1.0951 - Intraday Resistance

1.0928 - WS1

1.0875 - Intraday Support |WS2 | Wave 4 Red Target Level |

Trading recommendations:

The long positions from yesterday should still be kept open: entry was from the level of 1.0904 or the level of 1.0875, with the SL below the level of 1.0849 and TP above the level of 1.1010. This might be a good trade even for swing traders.

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Gold Wave analysis for August 14, 2014 Trend News

Gold price remains in a sideways neutral short-term trend. Price remains below important short-term resistance of $1,322 and above support at $1,304. Intermediate-term trend remains bullish as long as price is above $1,280 and our target is a move at least towards $1,350 if not $1,390.

Gold price is above the Ichimoku cloud support in the 4 hour chart as shown above. My wave count is still uncertain because it is unclear if we have completed wave c at $1,304 or if we need one more new lower low towards the 61.8% retracement. The impulsive move from $1,240 is an encouraging sign for bulls as this implies that Gold price can push up towards $1,390 if we hold above support at $1,280.

In the daily chart above, I show my two most probable wave scenarios for Gold price. It is crucial for bulls to break above $1,390 in order to be canceled for the bearish wave count. Until then, the possibility we are in wave E of wave 4 is high.

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Technical analysis of GBP/CHF for Aug 15, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has hit the first fibonacci extension at 1.5070 levels as depicted here. The pair could stage a pullback rally from the current levels. The 1.5250/1.5300 region should provide enough resistance now.

2. Support is seen at 1.4950, followed by 1.4760/70 and lower, while resistance is seen at 1.5350, followed by 1.5430/50 respectively.

3. The structure indicates that GBP/CHF counter trend rally could materialize at least up to 1.5300/50 levels.

Trading recommendations:

Exit short positions, enter long positions, stop at 1.5050, target is open.

Good luck!

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Daily analysis of major pairs for August 15, 2014 Trend News

EUR/USD: This is a weak market and the price is currently experiencing some serious volatility as a result of a serious struggle between the bull and the bear. A break above the resistance line at 1.3400 could render the bearish outlook useless and a break below the support line at 1.3350 could renew the bearish outlook.

USD/CHF: This is a strong market, but the northward journey on it has been limited as a result of the grave struggle between the bull and the bear. The bear wants to push the price south, but the bull has been able to maintain their stand. As long as the price is not able to breach the great support level at 0.9000 to the downside, the bullish outlook would continue to make sense. The price ought to go back towards the resistance level at 0.9100.

GBP/USD: This is a bearish currency trading instrument; plus the price has been able to go further bearish this week. The next target to be tested is the accumulation territory at 1.3300. However, that does not rule out a possibility of fleeting rallies along the way.

USD/JPY: There is a bullish signal on the USD/JPY. The price has a possibility of reaching the supply level at 103.00. In the meantime, the demand level at 102.00 should act a barrier to any bearish attempts.

EUR/JPY: There is a grave threat to the recent bearish bias on this market, since the Yen has started showing some signs of weakness. Should the price close above the supply zone at 137.50, it would mean the beginning of a new bullish outlook.

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Intraday analysis of Gold for August 15, 2014 Trend News

A weekly close above $1,309, the bulls will hold their strength. The metal is facing strong resistance at higher levels. Until the metal closes above $1,324.50, sell on an up move. The daily Stochastics indicates a sell signal. On the bullish front, the metal closed above the major support levels, but it was unable to breach the $1,324.50 levels. On the downside, $1,263 is an open target until gold closes above $1,324.50. For an intraday perspective, the metal has support at $1,310.50, below this, $1,305.80 and $1,304.50.

Buy above $1,314

Sell below $1,308

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Intraday trading recommendations for EUR/JPY for August 15, 2014 Trend News

The pair took support of the 2-year support trendline and bounced towards 20DSma. It has been rejected there for last 7 days, even though it breached on an intraday basis, but at the end of the day, the pair closed below the 20DSma. Today in early Asia's session, the pair exactly touched the 20DSma and started moving lower. A daily close above 137.24, it can fly up to 137.50, 137.81 and 138 levels. A daily close below 136.20, the short-term trend turns negative towards 134.50-134 levels.

Support 136.40 136.20 136

Resistance 137.25 137.80 138

Intraday cmp 136.93

The prices are trading above 12ema and 21 hrsma. For an hourly trading perspective, the pair has support at 136.90 (12ema), 136.85 (21hrsma) and 136.70 (34hrsma). The pair looks weak below 136.70, it can correct up to 136.55, 136.35 and 136.15 levels.

Sell only below 136.70.

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Short-term trend levels and an intraday recommendation on USD/CAD for August 15, 2014 Trend News

The pair was unable to breach the previous week's high and started moving to the nearest support level of 1.0870 (20WSma). If this week the pair closes below 1.0870, it can drift up to 1.0845, 1.077 (50WSma). For the short-term perspective until the pair closes above 1.077, buying on dips will mint the money. On the other hand, if this week the pair closes above 1.0870, it can again look to make a new high at 1.1, 1.1025 and 1.1050. As we forecasted in our previous article (August 06, 2014), the pair will make a top near 1.0990-1.1, as of now, it made a top at 1.0986.

Support 1.0887 1.0870 1.0840

Resistance 1.0990 1.1025 1.1050

Intraday cmp 1.0906

The prices are trading below the key hourly moving averages. Until the price trades below 1.0932, weakness will be in the foreground throughout the day. For an hourly basis, the prices have been facing strong resistance at 12ema for 48 hours. On the down side, it has support at 1.0877, 1.0845 and 1.0817.

Until the prices close below 12ema in the 4H chart, a downtrend is favored. Strong momentum is only above 1.0932 for 1.0953 and 1.0985.

Risky traders can buy with sl 10887 and cmp 1.0906.

Safe trades can buy above 1.0920, strong momentum is only above 1.0932.

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Short-term trend levels and an intraday recommendation on GBP/JPY for August 15, 2014 Trend News

Short-term view-

The pair is likely to retest the November 2013 lows at 1.3295 levels. The monthly resistance is at 1.37 levels (June and July highs), in the current month it is spotted at 1.3420 (50MSma). Until the pair closes and trades below 1.3420 on the down side, 1.3295, 1.3250 and 1.3210 are the nearest open downside target.

Support 1.333 1.3295 1.3250

Resistance 1.34 1.3420 1.3435

Intraday cmp 1.3362

The pair has been consolidating at a one-year low of 1.333 for 7 days. The Euro was rejected thrice at 20DSma. In the daily chart, the RSI gives a minor positive divergence. The prices are consolidating near the lows. If the pair hits the low and drifts to 1.3295, we can expect a minor bounce to take place towards 1.34-1.3420. Until the pair closes above 1.3420, selling on an every up move will mint the money. The pair is trading below the hourly key moving averages. In early pacific session, it was rejected at 21hrsma.

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