Technical analysis of EUR/USD for August 29, 2014 Trend News

When the European market opens, some economic news will be released such as German Retail Sales m/m, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate as well as Italian Prelim CPI m/m.The US will release its Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Chicago PMI, Revised UoM Consumer Sentiment, and Revised UoM Inflation Expectations. So amid the reports, EUR/USD will move low to medium volatility during this day.

Today’s technical levels:

Breakout BUY Level: 1.3249.

Strong Resistance:1.3241.

Original Resistance: 1.3228.

Inner Sell Area: 1.3215.

Target Inner Area: 1.3184.

Inner Buy Area: 1.3153.

Original Support: 1.3140.

Strong Support: 1.3127.

Breakout SELL Level: 1.3119.

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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Intraday trading recommendations for GBP/JPY for August 29, 2014 Trend News

The pair once again held the 20DSma in yesterday's session and closed above it. It was rejected thrice at a 2-month descending trend line. For 2 days, it's been rejected at 100DSma on a closing basis. As of now, it made a low at 172.06 -171.89 on a closing basis. The pair has strong resistance at the level of 173 (50DSma). In the short term, until the pair closes below 173, it's better to sell. On the down side, it has support at 171.90. So a daily close below it would result in selling up to 171.63 and 171 in the near term.

Support 171.90 171.58 171

Resistance 172.40 172.70 173

On an intraday basis, the price hit the 12ema and 35DEMA. The pair has support at 171.63. Until the price trades below the descending trend line, sell on every up move. The pair would face huge selling pressure below 171.60 towards 171.35, 170.90 and 170.75 levels.

Sellers will mint the money

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Technical analysis of USD/JPY for August 29, 2014 Trend News

In Asia, Japan will release its Household Spending y/y, Tokyo Core CPI y/y, National Core CPI y/y, Unemployment Rate, Prelim Industrial Production m/m, Retail Sales y/y, and Housing Starts y/y. Meanwhile, the US will unveil its Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Chicago PMI, Revised UoM Consumer Sentiment, and Revised UoM Inflation Expectations. So there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

Today’s technical levels:

Resistance. 3: 104.24.

Resistance. 2: 104.04.

Resistance. 1: 103.83.

Support. 1: 103.59.

Support. 2: 103.29.

Support. 3: 103.18.

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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Daily analysis of major pairs for August 29, 2014 Trend News

EUR/USD: This is still a bearish trading instrument in spite of the visible struggle between the bulls and the bears. Any rallies here simply proffer opportunities to open short trades. The market is forming a base and there would soon be a breakout; either in favor of the bulls or the bears. However, a breakout in favor of the bears could be expected.

USD/CHF: This currency trading instrument is still quite strong. There is a Bullish Confirmation Pattern in the market and the price could go further upwards to test the resistance level at 0.9200.

GBP/USD: The Cable is still considered weak, although the price has failed to go downwards significantly this week. The only condition that would show that the bearish outlook is over is a situation in which the EMA 11 crosses the EMA 56 to the upside, and the RSI period 14 crosses the level 50 to the upside.

USD/JPY: This pair is becoming somehow weak in the context of an uptrend. The RSI period 14 has already given a ‘sell’ signal, but it would be wise to wait for the price to cross the EMA 56 to the downside before one takes a bearish position.

EUR/JPY: In spite of the volatility in the market, the EUR/JPY is bearish. The market may go further downwards, reaching the demand zone at 136.00. This would be true especially in the face of more stamina in the Yen.

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Daily analysis of USDX for August 29, 2014 Trend News

Daily chart: The USDX is trying to carry out a pullback on the resistance level of 82.51, due to that the USDX is overbought in this chart. So this instrument could begin to perform corrective movements. If the USDX manages to make a breakout at the support level of 81.50, it's expected to fall to the 200-day moving average. The MACD indicator stays in positive territory.

H4 chart: The USDX has formed a fractal near to the 82.60 level, so the USDX could fall up to the support offered by the bullish trend line near to the level of 82.00. The USDX stays above the 200-day moving average and the MACD indicator moving average in positive territory.

H1 chart: The USDX is trying to again form a bullish pattern below the resistance level of 82.50. If the USDX manages to make a breakout at that level, the next objective would be the level of 82.67, thereby strengthening the intraday trend bullish. The MACD indicator is in 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 82.50, take profit is at 82.67, and stop loss is at 82.34.

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Daily analysis of GBP/USD for August 29, 2014 Trend News

Daily chart: GBP/USD continues trying to climb to the 200-day moving average, so this pair could climb to that level during the session today, but we should remember that GBP/USD is forming a higher low pattern. If this pair manages to make a breakout at the resistance level of 1.6668, it's expected to rise to the level of 1.6766. The MACD indicator is in oversold zone.

H4 chart: This pair continues moving in the range below the resistance level of 1.6583, although the bearish trend remains strong. If GBP/USD manages to make a breakout at the 1.6644 level, the next target would be the 1.6693 level. The MACD indicator stays in positive territory.

H1 chart: GBP/USD has again been consolidated above the support level of 1.6578, and this pair has made a pullback at the 200-day moving average. If this pair consolidates again below that support level, it would be expected to fall to the level of 1.6544. The MACD indicator into positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6544, take profit is at 1.6507, and stop loss is at 1.6581.

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Intraday technical levels and trading recommendations on EUR/USD for August 28, 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 at the price level of 1.3560 (corresponding to the previous prominent bottom).

Since then, the pair has been downtrending within the depicted bearish channel until the price level of 1.3330 where a narrow range congestion zone was established.

Shortly after, bearish breakout was expressed. Quick decline towards the price levels around 1.3150 took place during weekend.

On Friday, the pair achieved WEEKLY closure at 1.3240, then the pair opened this week on a bearish gap (around the price level of 1.3200).

Further price action should be considered knowing that the pair is currently testing the lower limit of the channel. High probability of reversal exists.

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.

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 zone located between 1.3200 - 1.3150 respectively (Fibonacci Expansion Levels).

The pair has been trading between these levels since Monday. However, daily closure should be considered to determine if the current breakdown will persist or a corrective move towards 1.3300 will take place.

Bullish fixation above 1.3285 is essential to acquire a momentum strong enough to initiate a bullish corrective move towards 1.3340 and 1.3410 as well.

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GBP/USD intraday technical levels and trading recommendations for August 28, 2014 Trend News

One month ago, the bears initiated a bearish trend off price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel.

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 1.6800-1.6850.

However, this price zone of 1.6800 - 1.6820 failed to provide support too, exposing the price level of 1.6665.

Shortly after, price levels around 1.6800-1.6820 offered a valid SELL entry at retesting. Targets were reached initially around 1.6670, 1.6625 and 1.6580.

Price action action should be watched today for a possible BUY entry upon bullish breakout of the current channel depicted on the 4H chart.

Projection targets are roughly located at 1.6660 and 1.6705.

On the other hand, the next bearish destination is located around 1.6460 in case the bears keep developing such bearish momentum. ( Price level of 1.6460 corresponds to a prominent bottom on the daily chart ).

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USD/CAD intraday technical levels and trading recommendations for August 28, 2014 Trend News

The USD/CAD pair has failed to show enough bullish momentum above 1.1200 during the last visit on March 20.Since then, the pair has been downtrending within the depicted bearish channel.

Bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 on July 3 (the origin of the previous bullish impulse initiated in December 2013).

This enabled bulls to achieve a bullish breakout off the depicted channel allowing bulls to retest the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was formed previously.

The USD/CAD pair had 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 after such a long bullish rally that originated off 1.0650 and 1.0710.

Previously, around the price level of 1.0950, agressive bearish rejection was expressed. This was manifested in many Shooting-Star daily candlesticks. Thus, the short-term bearish direction is enhancing .

A valid SELL position was suggested at retesting which took place this week. Initial bearish target is located around 1.0825.

Conservative traders should wait for higher entry levels to be retested especially around 1.0880-1.0900.

Daily closure below price zone of 1.0870-1.0850 confirms a long-term double-top pattern with its projection target located at 1.0770.

On the other hand, daily fixation above 1.0950 (50% Fibonacci level) enables the bulls to shoot towards 1.1020 and 1.1050 initially (very low probability in the meanwhile ).

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EUR/NZD analysis for August 28, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5705 (Fibonacci retracement 38.2%) in a volume just above average according to the 4H time frame, which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. If the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 1H time frame, we can observe high volume but very low price action (weak demand). Watch for potential selling opportunities.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5796

R2: 1.5818

R3: 1.5855

Support levels:

S1: 1.5722

S2: 1.5700

S3: 1.5663

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 28, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,296.32 in an ultra high volume according to the 1h time frame. We can observe an ultra high volume (buying climax) according to the 1h time frame, which is a sign that buying looks very risky. Our Fibonacci expansion 61.8% at the price of 1,284.00 is broken. So, we may see potential testing the level of 1,260.00 (Fibonacci expansion 100%). I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1,292.00 and Fibonacci retracement 61.8% at the price of 1,303.00. According to the 4H time frame, I have placed corrective Fibonacci expansion and I found Fibonacci expansion 161.8% at the price of 1,290.00 (currently on the test)

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,286.96

R2: 1,288.68

R3:1,291.41

Support levels:

S1: 1,281.38

S2: 1,279.66

S3: 1,276.87

Trading recommendations: Buying Gold looks risky since the price has broken the support level.

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Technical analysis of USD/CAD for August 28, 2014 Trend News

General overview for 28/08/2014 13:30 CET

The projected target level from yesterday did not work and after breaking the support level the market declined to the demand zone and closed below it. Now, the key level to the upside is intraday resistance at the level of 1.0868 and only a clear breakout above this level is bullish intraday. The market is in a corrective cycle and any new low here would mean that the correction will be more complex and time-consuming.

Support/Resistance:

1.0828 - Intraday Support

1.0868 - Intraday Resistance | Key Level |

1.0858 - 1.0873 - Supply Zone

1.0911 - WS1

1.0974 - Weekly Pivot

Trading recommendations:

Day traders should consider opening buy orders only when the level of 1.0868 is clearly broken with SL below the level of 1.0827. Otherwise, patience is required for a clear trading pattern to emerge.

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Daily analysis of Silver for August 28, 2014 Trend News

Overview

Yesterday, the metal failed to break the support level of 19.30 to reverse its bearish movement and took a slightly upward move. As seen in today's H4 chart, it is currently trading below the resistance level of 19.80. Given that, the pair continues its bullish movement and closes 4H above the resistance level of 19.80, it would be another opportunity for more bullish signals with the first target few pips below the resistance level of 20.00. Then, we should wait for breaking above this resistance level to get more bullish signals towards the resistance level of 20.20 as the second target.

Resistance and support levels: R3 (20.20), R2(20.00), R1(19.80), S1 (19.60), S2 (19.30), S3(19.00).

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Technical analysis of AUD/USD for August 28, 2014 Trend News

Trading recommendations :

• According to the previous events, the AUD/USD pair will probably move between the prices of 0.9385 and 0.9320. Equally important, the resistance has set at the price of 0.9371 and the support at the 0.9300 price. Also, it should be noted that the current price is at 0.9371 now. Accordingly, if the trend fails to close above the level of 0.9371, then it will be a good opportunity to sell below 0.9371 with the first target at 0.9340, then it will be continued bearish towards 0.9300. So, we expect a range of 71 pips in the coming hours. Notwithstanding, the stop loss should be always taken into account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed above the resistance at the level of 0.9395 .

Intraday technical levels :

Date and Time:28/08/2014 13:19

Pair:AUD/USD

• R3: 0.9420


• R2: 0.9397


• R1: 0.9378


• PP: 0.9355


• S1: 0.9336


• S2: 0.9313


• S3: 0.9294

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Daily analysis of GBP/JPY for August 28, 2014 Trend News

Overview

From today's H4 chart, yesterday's closing below the resistance level of 172.60 gives the price an opportunity for a bearish move after its failure to break the resistance level once again. As shown in the chart, the price is trying to continue its bearish move by breaking the support level of 172.00 and closing 4h below. In that case, we might get another opportunity for more sell signals and it opens the way towards 171.50 as the first target. Then, the price should test the support level to continue its bearish move. But in case the price stabilizes above the support level of 172.00, it will cancels the first scenario.

Resistance and Support levels: R3 (173.75), R2(173.30), R1(172.60), S1 (172.00), S2(171.50), S3(171.00)

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Technical analysis of EUR/JPY for August 28, 2014 Trend News

General overview for 28/08/2014 13:00 CET

The impulsive wave progression to the downside has been developing properly during the last four days. Now, the outlook remains the same: more downside is being expected as the impulsive structure has not been completed yet. There is a possible test of the level of 136.76 but the the failure is expected and downtrend should resume. The first projected target is at the level of 135.67.

Support/Resistance:

138.05 - WR1

138.02 - Swing High |Invalidation Level|

137.98 - Wave 2 of 3 High

137.42 - Weekly Pivot

136.85 - WS1

136.75 - Intraday Resistance

136.24 - WS2

135.67 - WS3

Trading recommendations:

The short orders from the last week are still opened and the TP is at the level of 136.70 with a quite possible downside extension to the level of 135.70.

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Technical analysis of USD/CHF for August 28, 2014 Trend News

Overview :

• According to the previous events, the USD/CHF pair has still been moving between the levels of 0.9225 and 0.9105. It should be noted that the key level is set at the price of 0.9102 because it represents strong support and it coincides with the ratio of 38.2% Fibonacci retracement level. Equally important, the double top will be formed at the 0.9160 level but it seems the price is going to break this level in order to continue towards the level of 0.9226 (Also, note that the level of 0.9226 coincides with the ratio of 50% Fibonacci retracement level in H4 chart). As it is known, history will probably repeat itself at this level again. Therefore, it will a good sign to buy above the price of 0.9100 with the first target of 0.9166. It will call for an uptrend in order to continue its bearish movement towards 0.9226. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the support at the price of 0.9065.

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Elliott wave analysis of EUR/NZD for August 28, 2014 Trend News

Today's support and resistance levels:

R3: 1.5830

R2: 1.5782

R1: 1.5755

Current spot: 1.5744

S1: 1.5714

S2: 1.5692

S3: 1.5663

Technical summary:

We are at the exact same level as yesterday. We are still looking for important support at 1.5692 to protect the downside for a break above minor resistance at 1.5755 and more importantly a break above resistance at 1.5782. This should support a strong rally above the top of wave 1 at 1.5886 for a continuation higher to 1.6203 on the way higher towards at least 1.6503. Only an unexpected break below 1.5692 will delay the expected rally for a more complex correction unfolding.

Trading recommendation:

We are long in EUR from 1.5725 with stop placed at 1.5690. If you are not long in EUR yet, then buy EUR near 1.5692 or upon a break above 1.5755 with the same top at 1.5690.

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Technical analysis of EUR/JPY for Aug 28, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is seen to be still testing back side of the resistance line which has turned into support now, around the 137.00 region. The 136.60 levels is the fibonacci 0.618 support and it is expected to provide strong bullish reversal if prices manage to reach there. It is recommended to remain long, risk remains below 136.00.

2. Support is seen at 136.00/135.80, followed by 134.00 and lower, while resistance is seen at 138.00 (interim), followed by 138.50, 139.20/30 and higher respectively.

3. The structure indicates that EUR/JPY should be extending its rally towards the 139.40 levels.

Trading recommendations:

Remain long, stop below 136.00, target is open.

Good luck!

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Elliott wave analysis of EUR/JPY for August 28, 2014 Trend News

Today's support and resistance levels:

R3:137.42

R2: 137.29

R1: 137.15

Current spot: 137.07

S1: 136.92

S2: 136.81

S3: 136.61

Technical summary:

We saw the expected test of important short-term support at 136.81, but it was not able to break below this support firmly. It has cause some consolidation just above this support. However, we are still looking for a new test and likely firm break below this support next time for a continuation lower to 135.73 and the equality target at 134.34. At this point only a break above 137.29 will delay the expected test of the short-term important support at 136.81.

Trading recommendation:

We are short in EUR from 137.75 with stop placed at 137.45. If you are not short in EUR yet, then sell near 137.29 or upon a break below 136.81 with the same stop at 137.45.

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Technical analysis of GBP/CHF for Aug 28, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has retraced a bit lower into the 1.5150 level as seen here. The pair is still expected to push higher into the 1.5250 level before pulling back/reversing. It is recommended to initiate short positions a bit higher towards the sloping trend line resistance.

2. Support is seen at 1.4950, followed by 1.4780 and lower, while resistance is seen at 1.5250, followed by 1.5350 and 1.5430/50 respectively.

3. The structure indicates that the GBP/CHF pair could rally into the 1.5250 levels before heading lower towards fresh lows.

Trading recommendations:

Remain flat for now. Look to sell at 1.5250 levels.

Good luck!

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#USDX Technical analysis for August 28, 2014 Trend News

Although the Dollar index remains inside the upward sloping channel of the move that started at 79.75 and although intermediate-term trend remains bullish, we noted yesterday that there were plenty signs of a possible trend reversal above 82.50 area that would push the index lower.

Yesterday, I warned about the sell signal given once the green upward sloping trend line was broken. Besides, price has broken below the Ichimoku cloud support at 82.35. It looks that we could push lower towards the 38% Fibonacci retracement at 82.20 at least. Short-term price movement is inside a small downward sloping channel and I believe more dollar weakness should be expected.

The daily chart remains bullish as price is above the Ichimoku cloud and inside the green channel. However we got really close to the upper channel boundaries and the rejection was a strong reversal sign that we noted yesterday and said that bulls should be very cautious and raise their stops. As I mentioned yesterday, I prefer to be neutral or bearish than long at the current levels. There is a confluence of Fibonacci support levels at 81.60 and I think it is very possible to see a strong pull back to that area. For now, bears need to break below 82.20 and bulls need to retake 82.50.

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Gold Wave analysis for August 28, 2014 Trend News

Gold price did not make any much movement yesterday. It remained above short-term support and below resistance. Our view remains bullish as we should see a strong bounce towards $1,350 from the current support levels.

Gold price has broken out of the green downward sloping channel. It has started making short-term higher highs and higher lows in the area of $1,280-$1,290. Support is at $1,280. Breaking below that level will put $1,270 in danger. Resistance is found at $1,291-94. Breaking above that level will push Gold price towards $1,305-10.

Our longer-term view is depicted in the daily chart above. We are still inside the big sideways triangle formation and we should see at least one more final upward move towards $1,340-50. Breaking below $1,270 will be a bearish sign for bulls and will open the way for a downward push to $1,200.

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Technical analysis of Silver for Aug 28, 2014 Trend News

Technical outlook and chart setups:

1. Silver is probably on its way towards new highs from the current price action around $19.65/70. The metal has formed base at the $19.30/32 levels so far and the next leg higher is resumed now. Upside potential remains at least up to the $23.30 level in the coming weeks.

2. Support is seen at $19.30 (interim), followed by $19.00, $18.60 while resistance is seen at $20.30, followed by $21.30/70, $22.00 and higher respectively.

3. The structure indicates that Silver remains in control of bulls till prices stay above the $19.00/30.00 levels.

Trading recommendations:

Remain long, stop below $19.00, the target is open.

Good luck!

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Technical analysis of Gold for Aug 28, 2014 Trend News

Technical outlook and chart setups:

1. Gold rally is set to extend towards the $1,305.00 level and higher up. The $1,270.00 level seems to be interim support for the metal to rally further up. Recommendation is to remain long for now, risk remains below the $1,270.00 level.

2. Support is seen at $1,270.00 (interim), followed by the $1,260.00/40.00 levels and lower, while resistance is seen at $1,325.00, followed by $1,340.00, $1,388.00 and higher up respectively.

3. The structure indicates that Gold remains bullish above the $1,270.00/60.00 levels.

Trading recommendations:

Remain long, stop below, the $1,270.00 target is open.

Good luck!

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Intraday trading recommendations on EUR/JPY for August 28, 2014 Trend News

The pair has been struggling at 20DSma for 4 days. The pair is making lower lows and lower highs for 4 days. Today in Asia's session, the pair is struggling at 20Dsma. In the weekly chart, the pair was rejected thrice at the broken support trend line.

Weekly basis - Until the pair closes below the 137.20 level, selling on the rise will mint money. - Active.

Monthly basis - Until the pair closes below the 138.70 level, selling on the rise will mint money. - Active.

On the down side, it has parallel support at the 137 level. Below this, 136.75-136.60 will be used as weekly support level.

Until the pair closes below 138.70, on the down side 134.50-134 will act as an open target in the near term.

On an intraday basis, the prices are closed below and trading below 12ema, negative for hourly and intraday trading. But in the h4 candle, the pair makes a minor support at 137.06 and 136.91. We can see a pull back only above 137.17 towards 137.35. If the pair manages to trade above 137.41, it can fly up to the 137.64 level.

Resistance is at 137.17, 137.41, and 137.64.

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Intraday trading recommendations on GBP/USD for August 28, 2014 Trend News

The pair has been consolidating for 3 days. Finally, the pair stood above yesterday's closing. The 50.0 fib level gave enough support to push the prices up. The currency pair has strong resistance at 1.6636 (200DEma), a daily close above 1.6636 opens gates for 1.6680 (200DSma and 38.2 fib level) and 1.67 or 20DSma. This week, the pair has hit the 50WSma, but it manages to trade above that.

In case a weekly close is below 1.6570, the fall will continue. - Pending

In case a daily close is above 1.6640, the weekly trend turns to positive. - Pending

For an intraday session, the prices are closed and trading above 12ema and 21hrsma. The pair has the nearest resistance at 1.6613; above this 1.6625 is an open target. Until the pair closes above 1.6552 (35DEMA), the pull back will be in action.

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Intraday trading recommendations on GBP/JPY for August 28, 2014 Trend News

GBP/JPY

The pair held the 20DSma in yesterday's session and closed above that. As of now, it made a low at the 172.06 level. The pair has strong resistance at the 173 level. In the short term, until the pair closes below 173, selling on an up move will mint the money. On an intraweek basis, if the pair closes above 172.40, some pull back is expected. On the down side, it has support at 172; a daily close below this leads to selling up to 171.63 and 171 in the near term.

Support is set at 171.90, 171.63, and 171.

Resistance is at 173, 173.50, and 174.25.

For an intraday purpose, the price hits the 12ema and 21hrsma. The pair has support at the 172.06-171.90 levels. Until the price trades below the descending trend line, sell on every up move.

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Intraday trading recommendations for EUR/USD for August 28, 2014 Trend News

The German FM Schauble speech and profit taking in US dollar made the Euro a bit stronger. The pair made a minor bottom at the 1.3168 level and closed at 1.3193, but unable to breach above Monday's high. Today, the pair opened again with a bullish note. We recommend buying only above 1.3215 (Monday's high). On the down side, it has support at the 1.3190, 1.3168, and 1.3150 levels.

A daily close above 1.3325 turns the weekly trend positive. - pending

For an intraday session, the prices are closed and trading above 12ema and 21hr sma results in a pull back. The pair has the nearest resistance at 1.3225 or 34hr sma. If the price manages to break the 1.3225 level, it can fly up to the 1.3240 and 1.3265 levels.

Support is at 1.3189, 1.3170, and 1.3150.

Buy with sl 1.3170, strong momentum is above 1.3225, cmp 1.3197.

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