Technical analysis of USD/JPY for August 19, 2014 Trend News

In Asia, Japan will not release any economic data for today, while the US will unveil its Building Permits, CPI m/m, Core CPI m/m, and Housing Starts. So there is a big probability the USD/JPY will move with low volatility today.

Today’s technical levels:

Resistance. 3: 103.13.

Resistance. 2: 102.93.

Resistance. 1: 102.73.

Support. 1: 102.48.

Support. 2: 102.27.

Support. 3: 102.07.

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

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Technical analysis of Gold for Aug 19, 2014 Trend News

Technical outlook and chart setups:

1. Gold has completed its counter trend around $1,292.00 levels last week. Furthermore, the metal has formed base around $1,295.00 levels as seen here. High probability remains for an extended rally above $1,350.00 levels from here on.

2. Support is seen at $1,292.00 (interim), followed by $1,280.00, $1,260.00 and lower while resistance is seen at $1,325.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold remains to look higher towards $1,390.00 and above $1,400.00 levels from here on.

Trading recommendations:

Remain long, stop at $1,280.00, target is open.

Good luck!

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Technical analysis of EUR/JPY for Aug 19, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair remains subdued at 137.00 levels for now. The pair needs to push through at least 138.00 levels to at least confirm a retracement/pullback. Recommendations for now, is to remain short with risk at 138.00 levels.

2. Support is seen at 135.80, followed by 134.00 and lower, while resistance is seen at 138.00, followed by 139.20, 140.00 and higher respectively.

3. The structure indicates that EUR/JPY shall remain bearish till 138.00 remains intact.

Trading recommendations:

Remain short for now, stop above 138.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for Aug 19, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair remains unchanged from yesterday, after bouncing off from 1.5070 levels last week. The pair is expected to stage a counter trend rally towards at least 1.5250 levels if not higher. Recommendations are to remain flat for now and await for a lower top to be carved below 1.5350 levels to go short again.

2. Support is at 1.4950, followed by 1.4750 and lower while resistance is seen at 1.5350, followed by 1.5450 respectively.

3. The structure indicates that GBP/CHF could rally towards 1.5250 levels, before reversing again.

Trading recommendations:

Remain flat for now.

Good luck!

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Daily analysis of USDX for August 19, 2014 Trend News

Daily chart: The USDX remains above the support level of 81.50, because this instrument continues forming a bullish pattern. If the USDX does a pullback at current levels, it would be expected to fall to the 200 SMA located at the support level of 80.62. However, the next objective for the USDX on the bullish trend is the resistance level of 81.95. The MACD indicator remains in negative territory.

H4 chart: The USDX continues to find support at the 81.39 level, which means that the USDX has been moving into the range for several weeks. The resistance level of 81.72 remains very strong in this chart. If the USDX does a breakout at that level, the next target would be the bullish trend line at 82.50. This MACD indicator is in positive territory.

H1 chart: The USDX is trying to stay above the 200-day moving average with the formation of a bullish pattern. If the USDX manages to make a breakout at the resistance level of 81.58, the next bullish objective will be the level of 81.73. The MACD indicator is entering overbought zone.

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 81.44.

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Daily analysis of GBP/USD for August 19, 2014 Trend News

Daily chart: The GBP/USD opened this week with a bullish gap, so it is likely that this pair will climb to the resistance level of 1.6766. However, the GBP/USD could perform a pullback in that level and fall back to the support level of 1.6668 to fill the gap, in an area where the 200-day moving average is located. The MACD indicator is entering oversold zone, so it is likely that the GBP/USD will continue forming a higher low pattern.

H4 chart: The GBP/USD is kept below the resistance level of 1.6731, because the pair is likely to fall to the support level of 1.6692 within hours. If the GBP/USD does a breakout at the resistance level of 1.6762, it's expected to rise to the level of 1.6820. There it would be very close to the 200-day moving average. The MACD indicator stays in positive territory.

H1 chart: The GBP/USD moved in the range during yesterday's session of , below the 200 SMA. If this pair manages to make a breakout at the support level of 1.6700, the next target would be the support level of 1.6629. On the other hand, if the GBP/USD does a breakout at the 1.6750 level, it would be expected to that rise to the level of 1.6800. The MACD indicator remains in negative territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6700, take profit is at 1.6629, and stop loss is at 1.6775.

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Intraday technical levels and trading recommendations on GBP/USD for August 18, 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.

Last week, 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 keep fixating below 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 of 1.6830 - 1.6800 remains a significant zone as it corresponds to the previous consolidation zone established in June.

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 invalidates the current steep trend allowing a deeper bullish correction to occur.

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Technical analysis of USD/JPY for August 18, 2014 Trend News

Overview:

USD/JPY is expected to trade with risks skewed lower. It is undermined by the selling of yen crosses amid diminished investor risk appetite (VIX fear gauge rose 5.88% to 13.15, S&P 500 closed roughly flat at 1,955.06 Friday) as worries mounted over a possible escalation of the Russia-Ukraine conflict. USD/JPY is also weighed by Japanese export sales and lower U.S. Treasury yields (10-year at 2.341 versus 2.398 late Thursday), the weaker dollar sentiment (ICE spot dollar index last 81.45 versus 81.61 early Friday) on lower-than-expected U.S. July PPI of +0.1% (versus forecast +0.2%), worse-than-expected drop in U.S. Empire State's business conditions index to 14.69 in August from 25.60 in July (versus forecast 20.0), weaker-than-expected University of Michigan preliminary U.S. August consumer sentiment index of 79.2 (versus forecast 82.0). But the USD sentiment is soothed by the higher-than-expected 0.4% rise in U.S. July industrial production (versus forecast +0.2%) and capacity utilization of 79.2% (versus forecast 79.1%). But USD/JPY losses are also tempered by the demand from Japanese importers.

Technical comment:

The daily chart is mixed as bearish outside-day-range pattern was completed on Friday, but stochastics is neutral.

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 102.20.

Resistance levels:

102.75

103

103.25

Support levels:

101.95

101.65

101.40

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Intraday technical levels and trading recommendations on EUR/USD for August 18, 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.

Recently, the EUR/USD pair has been downtrending within the depicted sub-channel until bullish pressure was applied around 127% Fibonacci Expansion (1.3345).

Bullish engulfing daily candlestick was expressed on Friday. This indicates a possible double bottom reversal pattern with a bullish projection target roughly around 1.3500-1.3520

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

Bearish breakdown of the price level of 1.3430 allowed the pair to establish a consolidation zone down to 1.3330. Since then the EUR/USD pair has been trapped inside this price range.

Note the bullish pressure being applied around price levels of 1.3330.

Multiple bottoms are being established with failure of the bears to achieve bearish breakout so far.

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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Technical analysis of USD/CHF for August 18, 2014 Trend News

Overview:

USD/CHF is expected to trade in a higher range. It is undermined by the weaker dollar sentiment, flow to haven CHF on fears of the escalating Russia-Ukraine conflict and franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy. The daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is 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 0.91 and the second target at 0.9115. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9015. A break of this target would push the pair further downwards and one may expect the second target at 0.8990. The pivot point is at 0.9040.

Resistance levels:

0.91

0.9115

0.9135



Support levels:

0.9015

0.8990

0.8975

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Technical analysis of NZD/USD for August 18, 2014 Trend News

Overview:

NZD/USD is expected to trade in a range. It is supported by the weaker dollar sentiment and NZD-USD interest differential. But NZD/USD upside is limited by the waning investor risk appetite, Kiwi sales on buoyant AUD/NZD cross abd reduced expectations of further rate hikes from the Reserve Bank of New Zealand this year as well as the official stance against strong Kiwi exchange rate. The daily chart is still positive-biased as stochastics is rising from oversold, MACD staged bullish crossover against its exponential moving average, although inside-day-range pattern was completed on Friday.

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 0.8440.

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 18, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a range. It is undermined by the diminished investor risk appetite and Japanese export sales. But GBP/JPY downside move is limited by the buoyant EUR/USD undertone and demand from Japanese importers. The daily chart is still positive-biased as MACD and stochastics is in a bullish 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 171.75 and the second target at 172.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.55. A break of this target would push the pair further downwards and one may expect the second target at 170.20. The pivot point is at 171.

Resistance levels:

171.75

172.65

173.30



Support levels:

170.55

170.20

169.85

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Technical analysis of NZD/USD for Aug 18, 2014 Trend News

Technical outlook and chart setups:

1. The NZD/USD pair has been drifting sideways in a tight range after printing lows around the 0.8410 levels last week. The range of support is 0.8460/70, while resistance is around 0.8490/0.8500. The pair could drift lower towards the 0.8450 levels before pushing higher through the 0.8530 levels.

2. Support is seen at 0.8460/50 levels (interim), followed by 0.8400, and lower while resistance is at 0.8530, followed by 0.8650/0.8700 and higher respectively.

3. The structure indicates that NZD/USD could resume its 3 step counter trend rally any moment now. Buying on dips is favored.

Trading recommendations:

Initiate long positions around 0.8450 levels, risk below 0.8400, target is open.

Good luck!

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EUR/NZD analysis for August 18, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading sideways. We are still waiting for larger movement and higher activity (volume). Price has been successfully rejected from our Fibonacci retracement 61.8% at the price of 1.5900, which casued price to start with downward movement. I have placed Fibonacci retracement to find support levels and I got Fibonaccci retracement 38.2% at the price of 1.5710 (currently on the test) and Fibonaccci retracement 61.8% at the price of 1.5595. Watch for potential selling opportunities after retracement. So, if the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5794

R2: 1.5809

R3: 1.5832

Support levels:

S1: 1.5747

S2: 1.5732

S3: 1.5708

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

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Technical analysis of EUR/USD for Aug 18, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/USD pair has been drifting sideways for a few days, in an increasing support constant resistance format. The 1.3330/50 region has been supported and the 1.3400/10 region has been resistance. A push higher than 1.3400 would be required to move towards 1.3470/80 levels. On the flip side, a break below 1.3300 would reach the 1.3200 levels before pulling back.

2. Support is seen at 1.3330 (interim), followed by 1.3200 and lower, while resistance is seen at 1.3400 (interim), followed by 1.3450, 1.3550 and higher respectively.

3. The structure indicates that EUR/USD is in a range for now. The pair could form another low and then rally producing a counter trend.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for Aug 18, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has pulled back into the fibonacci 0.786 resistance at 137.50, as seen here. A failure to push higher from the current levels would bring back control to the bears. Recommendations are to initiate short positions here, risk remains at 138.00.

2. Support is at 135.80 (interim), followed by 134.00 and lower while resistance is at 138.00, followed by 139.23, 140.00 AND HIGHER RESPECTIVELY.

3. The structure indicates that EUR/JPY would remain under control of bears till prices remain below 138.00.

Trading recommendations:

Initiate short positions for now, stop above 138.00, target is open.

Good luck!

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Gold analysis for August 18, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,292.37 in an ultra high volume according to the 4H timeframe. According to the daily time frame, we can observe strong supply in the background and successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. 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 61.8% at the price of 1,284.00 (almost got tested).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,303.84

R2: 1,304.22

R3: 1,304.83

Support levels:

S1: 1,302.62

S2: 1,302.24

S3: 1,301.63

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

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Technical analysis of GBP/CHF for Aug 18, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF has achieved the first 2 bearish targets at 1.5120 and 1.5070/50 respectively and bounced back (gap up). High probabilities from now is for a rally towards the 1.5250 levels if not more. Recommendations are to remain flat for now and look to sell higher again. The pair should follow the downtrend line depicted here.

2. Support is seen at 1.4950, followed by 1.4750 and lower, while resistance is seen at 1.5350 and 1.5450 respectively.

3. The structure indicates that bears would remain in control till prices stay below 1.5350 levels.

Trading recommendations:

Remain flat for now and look to sell higher.

Good luck!

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Weekly technical levels of GBP/USD for August 18-22, 2014 Trend News

Weekly technical levels of the GBP/USD pair.

Review :

• The key level will set at the level of 1.6725. Also, it should be noted that the level of 1.6725 represents the weekly pivot point.


• The support of the GBP/USD pair has already set at 1.6622.


• Moreover, the weekly support 1 will set at the same level. If the trend fails to close below the level of 1.6622, it will be a good opportunity to buy above 1.6650 with the first target at 1.6722, then it will be continued straight towards 1.6793 in the coming days.


• The price of 1.6793 represents the weekly resistance 1 and 1.6828 is going to form a double top in H1 chart.


• So, we expect a new range about 160 - 180 pips this week.

Observations :

• If the trend is upward, then the strength of the currency will be defined as follows: GBP 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.


• It should be noted that 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.

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Weekly technical levels of EUR/USD for August 18-22, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Trading recommendations :

• According to the previous events, the price of EUR/USD is going to move between the levels of 1.3366 and 1.3430. Buy above the level of 1.3381 which represents the weekly pivot point in H1 chart with the first target at 1.3413 in order to test the double top. Then, the trend will be able to continue toward the level of 1.3429. Also, it should be noted that the weekly resistance 1 coincides with the price of 1.3429. Notwithstanding, the stop loss should be set at 1.3350.
  

Review :

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.


• If the trend is of an upside character, then the strength of the currency will be defined as follows: EUR is an uptrend and USD is 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 for a long term in this period, you will surely lose your profit.

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#USDX Technical analysis for August 18, 2014 Trend News

The Dollar index makes more of a sideways move inside a certain price range and there is no clear trend. The Dollar index has broken out of the upward sloping channel. This is a bearish sign. Bulls should be very cautious as a pull back lower is very possible.

Short-term support is found at 81.40. Short-term resistance is found at 81.70. The ichimoku cloud is very thin and this is a bearish sign. This means that there are increasing probabilities of breaking below 81.40 soon. Breaking below 81.40 will push price towards 81.

The upward sloping channel is now broken. The 5 wave upward pattern may be complete but the final wave 5 is still mixed and not a clear pattern. This could mean that we are still inside wave 4. Soon, we will know if the sideways move between 81.70 and 81.30 is a corrective wave 4. Important support for the Dollar index in the daily chart is found at 80.90. A daily close above 81.50 will also be a bullish sign and that the Dollar index remains supported.

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Elliott wave analysis of EUR/NZD for August 18, 2014 Trend News

Today's support and resistance leves:

R3: 1.5852

R2: 1.5811

R1: 1.5793

Current spot: 1.5814

S1: 1.5758

S2: 1.5743

S3: 1.5725

Technical summary:

The rally of the 1.5714 low is clearly corrective and indicates that we will see one more decline to 1.5699 to end wave a of 2. Once support at 1.5699 has been tested, we should see a minor rally in wave b towards 1.5811 before the final decline in wave c of 2 to 1.5630. However, once wave 2 is in place, we should be looking for a new impulsive rally higher towards at least 1.6205 and possibly even higher.

Trading recommendation:

We took a nice little profit on our long position at 1.5785. We will sell EUR again at 1.5800 with a stop at 1.5825 and take profit at 1.5725.

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Gold Wave analysis for August 18, 2014 Trend News

Gold price has most probably completed the much anticipated pull back towards the 61.8% retracement I was expecting. Wave c has most probably been completed, so now I expect an upward reversal. Price is now expected to push higher towards $1,350 at least.

Gold price has completed three waves down from $1,322 where the 5 wave pattern ended. Gold price has reached my 61.8% retracement target. It should now reverse upwards above the Ichimoku cloud at $1,314. This will be the first bullish sign that an important low is hit. The decline is clearly corrective and there are increased chances of seeing Gold price move higher again.

The daily chart shows that Gold price has re-entered inside the Ichimoku cloud but still holds above the lower end of the cloud. Price is expected to rise from the current levels towards my medium-term target of $1,350.

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Elliott wave analysis of EUR/JPY for August 18, 2014 Trend News

Today's support and resistance levels:

R3: 137.42

R2: 137.36

R1: 137.28

Current spot: 137.14

S1: 136.95

S2: 136.75

S3: 136.60

Technical summary:

Wave iv spiked higher than the expected 137.34 (the high came in at 137.61), but most importantly resistance at 137.70 held firm. Now, we should see the final decline towards the ideal target at 134.34. The decline from 137.61 is in five waves. In the short term, we should see resistance in the 137.36 - 137.42 area protecting the upside for a break below support at 136.95. It confirms the next decline towards 135.05 before a flat or tiangle consolidation and then the final decline to 134.34 to end wave C.

Trading recommendation:

We are short in EUR from 137.30 with stop placed at 137.75. If you are not short in EUR yet, then sell near 137.36 with the same stop at 137.75.

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Technical analysis of USD/CAD for August 18, 2014 Trend News

General overview for 18/08/2014 10:00 CET

The corrective cycle in red wave 4 has been finished. Now, the market should rebound higher and make last five impulsive waves to the upside. Please, notice that to confirm this point of view the price mustn't violate the level of 1.0857. Otherwise, the impulsive count is invalidated and the market would be in a more complex and time-consuming corrective cycle.

Support/Resistance:

1.0785 - WS2

1.0826 - WS1

1.0857 - Impulsive Count Invalidation Line

1.0873 - Intraday Support

1.0901 - Weekly Pivot

1.0917 - Intraday Resistance

1.0942 - WR1

1.0951 - Key Level for Bears

1.0985 - Swing High

Trading recommendations:

Day traders and swing traders should consider opening BUY orders form the current price levels with SL below the level of 1.0857 and TP above the level of 1.0985.

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Elliott wave analysis of EUR/JPY for August 18, 2014 Trend News

Today's support and resistance levels:

R3: 137.42

R2: 137.36

R1: 137.28

Current spot: 137.14

S1: 136.95

S2: 136.75

S3: 136.60

Technical summary:

Wave iv spiked higher that the expected 137.34 (the high came in at 137.61), but most importantly resistance at 137.70 held firm. Now, we should see the final decline towards the ideal target at 134.34. The decline from 137.61 is in five waves. In the short term, we should see resistance in the 137.36 - 137.42 area protecting the upside for a break below support at 136.95 confirming the next decline towards 135.05 before a flat or tiangle consolidation and then the final decline to 134.34 to end wave C.

Trading recommendation:

We are short in EUR from 137.30 with stop placed at 137.75. If you are not short in EUR yet, then sell near 137.36 with the same stop at 137.75.

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Technical analysis of EUR/JPY for August 18, 2014 Trend News

General overview for 18/08/2014 09:30 CET

The corrective cycle in wave 2 of 3 has been completed in a zig-zag shape. Now, this pair is in an impulsive decline and only a breakout above the level of 138.02 invalidates the bearish outlook. The orange rectangular zone is the target for green wave (ii) to complete and then a decline should resume. The first clue supporting this view is the level of the 136.75 breakout. The mid-term bias is still bearish.

Support/Resistance:

135.71 - Technical Support

135.77 - WS2

136.45 - WS1

136.75 - Intraday Support

137.04 - Weekly Pivot

137.06 - Intraday Resistance

137.70 - WR1

138.02 - Swing High | Red Impulsive COunt Invalidation Level|

138.29 - WR2

Trading recommendations:

Day traders and swing traders should consider opening SELL orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45.

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Technical analysis of Silver for Aug 18, 2014 Trend News

Technical outlook and chart setups:

1. Silver is possibly forming the bottom around the $19.50 levels as seen here. Please, note that the metal is in between fibonacci 0.618 and 0.786 support levels of the rally between $18.60 and $21.60. A bullish reversal is a high probability at the current levels.

2. Support is seen at $19.40, followed by $19.00, $18.60 and lower, while resistance is seen at $20.10/20 (interim), followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver is looking higher up.

Trading recommendations:

Remain long, stop below $19.40, target is open.

Good luck!

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Technical analysis of Gold for Aug 18, 2014 Trend News

Technical outlook and chart setups:

1.Gold bounced off sharply after printing lows around the $1,292.00/93.00 levels on Friday. The metal is currently retracing and should be ready to rally again towards at least $1,338.00 as an immediate upside target. Recommendations are to remain long for now. Risk remains below $1,280.00.

2. Support is seen at $1,280.00, followed by $1,260, $1,240.00, and lower while resistance is seen at $1325.00, followed by $1,340.00/50, $1,388.00 and higher respectively.

3. The structure indicates that Gold remains buy on dips for now. Look forward for a fresh high towards $1400.00's and up.

Trading recommendations:

Remain long, stop below $1,280.00, target is open.

Good luck!

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Technical analysis of EUR/USD for August 18, 2014 Trend News

When the European market opens, some economic news will be released, for example, trade balance. The US will release some economic data as well, such as the NAHB Housing Market Index. So, amid the reports, EUR/USD will be moving with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3453.

Strong Resistance:1.3445.

Original Resistance: 1.3432.

Inner Sell Area: 1.3419.

Target Inner Area: 1.3387.

Inner Buy Area: 1.3355.

Original Support: 1.3342.

Strong Support: 1.3329.

Breakout SELL Level: 1.3321. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of USD/JPY for August 18, 2014 Trend News

In Asia, Japan will not release any economic data news. However, the US will publish some economic data such as NAHB Housing Market Index. So, there is a big probability the USD/JPY pair will be moving with low volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.87.

Resistance. 2: 102.67.

Resistance. 1: 102.47.

Support. 1: 102.21.

Support. 2: 102.01.

Support. 3: 101.81. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Technical Analysis of Gold for August 18, 2014 Trend News

The metal opened with a mild bearish note to open higher in Asia’s session. As long as the precious metal is trading below 1305, bears will have an upper hand on a closing basis. Last Friday, gold hit the 50DSma and managed to close exactly at that level. On the upper side, if the metal breaches the $1,305 level, it can fly up to the $1,309, $1,314, and $1,318 levels. As we are recommending for the last few weeks, until the metal trades below $1,324.50 towards 1270, 1263 is an open target with strong support at 1292, 1285, and 1280.

Intraday cmp $1,301

The metal is trading below the hourly moving averages. On an hourly basis, the bulls will gain some strength above $1,305 and safe buy will be triggered above $1,309.

Buy only above $1,305.

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Weekly forecast and an intraday analysis of USD/CAD for August 18-22, 2014 Trend News

USD/CAD

Weekly view – August 18-22, 2014

The Canadian dollar is supported by the optimistic job data. The USD/CAD pair drifted to a week’s low from a 5-week high. The pair hit the 20WSma and managed to closed above that. In early Asian session, the pair opened above the 20WSma, but it is unable to breach the previous week’s closing level. On the down side, it has support at 1.0850,1.08, and 1.0780. On the upper side, the pair looks well only above the 1.0905 levels. It can fly up to the 1.0950 levels

For the rest of the month, the key support level existed at 1.0780 (50WSma)

Support: 1.0850, 1.0795, and 1.0780

Resistance: 1.0905, 1.0955, and 1.1

If a daily closure is below 1.0860, it will turn to selling at 1.0795 and 1.0780.

Intraday cmp 1.0890

The prices are closed and trading is below the hourly key moving averages. Until the price closes above 1.0860, the bulls will move above 1.0905- 1.0950. For an hourly trading perspective, the pair has resistance at 1.0890 (12 ema), 1.0906 (21hrsma), and 1.0925 (34 hrsma). Safe buy will be triggered above 1.0925 for 1.0940, 1.0953, and 1.0980.

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Weekly forecast and an intraday analysis of GBP/USD for August 18-22, 2014 Trend News

The cable has been continuing its losing streak trading at a 5-week low. The cable opened with a gap up in today’s opening deals. Last week, the cable touched the 200DSma and bounced from there. The cable has strong support zone between 1.666-1.6640. The pair again will face heavy selling pressure as soon as it closes below 1.6640. As we recommended to buy at 1.6682 in the survey on August 14^th, we still recommend the same. Until the pair closes above 1.6640, the dead cat bounce will take place in the weekly base towards 1.6770 above this, it can fly up to 1.6786 and 1.68 earlier.

Support: 1.666(200DSma) 1.6640 (200DEma)

Resistance: 1.6740 1.6785 1.69

From the bearish view, a daily close below 1.6640 on the down side opens gates for the 1.66, 1.6555 and 1.6465 levels.

For an hourly trading outlook, the price is opened above 12 ema and 4-hour candle closed above 12ema and 21hrSma. Until the price closes above 12ema, bulls will have an upper hand and a strong momentum will take place above 1.6745.

Safe traders should buy above 1.6745 with targets of 1.6760, 1.86, and 1.6850.

Selling at higher levels will be rather profitable.


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Short-term forecast of EUR/JPY for August 18, 2014 Trend News

Last Friday, the pair finally closed above the 20DSma, which was a minor bullish view in the near term. It was rejected at 200DEma during last trading session and closed below that. In today’s Asian session, the pair opened with support of 20DSma. On the upside, the pair has strong resistance at 137.61 (200DEma). A daily close above 137.61 can extend its rally up to 137.77 and 138 which is a strong resistance in the short term. The short-term trend reversal will take place when the pair managed to close above 137.70 levels.

Support 137 136.36 135.72

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Daily analysis of USDX for August 18, 2014 Trend News

Daily chart: The USDX has made a pullback at the resistance level of 81.50. So, the USDX is likely to fall to the level of 81.15. If the USDX does make a breakout at that level, it would be expected to fall to the support level of 80.62, which would jeopardize the current bullish trend. The MACD indicator remains in the negative territory.

H4 chart: The USDX continues to find resistance at the 81.72 level. So, this instrument was expected to try to fall back to the support level of 81.28. If the USDX manages to make a breakout at that level, the next target would be the 200-day moving average on this chart. Furthermore, if the USDX manages to a breakout at the resistance level of 81.72, it would be expected to go up to the level of 81.45. The MACD indicator is in the negative territory.

H1 chart: The USDX found strong resistance at the level of 81.58 so far. The USDX is trying to consolidate below the 200-day moving average with the formation of a bearish pattern. If the USDX does a breakout at the support level of 81.40, it's expected to fall to the level of 81.19. The MACD indicator remains in the negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 81.58, take profit is at 81.73, and stop loss is at 81.44.

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