USD/CAD intraday technical levels and trading recommendations for August 29, 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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Technical analysis of GBP/CHF for Aug 29, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has been stalling at 1.5200 levels for a few trading sessions now, as seen here. Also, the trend line resistance is passing through the same region. It is recommended to initiate 50% of short positions at the current levels, risk remains at 1.5350.

2. Support is seen at 1.4950, followed by 1.4780 and lower while resistance is seen at 1.5350, followed by 1.5450 respectively.

3. The structure indicates that GBP/CHF remains bearish below the 1.5350 level.

Trading recommendations:

Remain short, at current levels and more at 1.5250, stop at 1.5350, the target is open.

Good luck!

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Technical analysis of Silver for August 29, 2014 Trend News

Technical outlook and chart setups:

1. Silver rally stalled yesterday at the $19.90 level. The metal is seen to be trading at the $19.50 level for now, and it is expected to resume rally higher, taking out the $20.20 level. It is recommended to remain long for now, risk remains below $19.00.

2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $20.20/30, followed by $20.80, $21.70 and higher respectively.

3. The structure indicates that Silver remains constructive for bulls till prices remain above the $19.00 levels.

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for Aug 29, 2014 Trend News

Technical outlook and chart setups:

1. Now, Gold is pulling back after printing intermediary highs around the $1,296.00 levels yesterday. The metal is expected to continue rallying further up towards $1,305.00 and higher up in the sessions to come by. It is recommended to remain long, risk remains below $1,270.00 levels.

2. Support is seen at $1,270.00, followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,325.00, followed by $1,340.00 and higher up respectively.

3. The structure indicates that Gold is set to print higher highs and higher lows from here on.

Trading recommendations:

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

Good luck!

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

Overview

As shown in the H4 chart, the pair has failed more than once to break the support level of 172.00 and is still trading above it since yesterday. The pair bounced from the support area again and started to take a slightly upward move approaching the resistance level of 172.60 which is being tested now. Currently, it is prefered to wait till closing above this resistance level before making the decision. In this case, we will get more bullish signals with the first target few pips below the next resistance level of 173.30, then 173.75 as the second target. But closing below the resistance level of 172.60 cancels the bullish move scenario.

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

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

General overview for 29/08/2014 14:50 CET

Not much has changed in this pair since yesterday as the consolidation area is still being maintained. Only a clear breakout above the level of 1.0868 would change the intraday bias to the bullish side. Please, notice the increasing bullish divergence is building on the momentum oscillator. At the moment, there is no clear direction bias, so patience is needed now.

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

General overview for 29/-8/2014 14:30 CET

Unfortunately, there is something else going on than a simple downward impulsive wave development. It looks like the corrective cycle is going to be more complex and time-consuming. Due to invalidation of several important rules, the current count has been updated and the bearish impulsive count has been cancelled. According to the new labeling, the are chances that after the downside failure the higher prices will be seen as the corrective cycle is not completed. The current labeling is WXY brown complex triple three structure in red wave 2 and there is one more wave to the upside missing to complete the correction.

Support/Resistance:

136.87 - Intraday Support

137.28 - Intraday Resistance

137.42 - Weekly Pivot

137.98 - Technical Resistance

Trading recommendations:

The short orders opened at the beginning of this week should be closed and traders should refrain from trading until a clear pattern emerges.

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EUR/NZD analysis for August 29, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5680 (Fibonacci retracement 38.2%) in an ultra high volume (selling climax), 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 30-minutes time frame, we can observe ultra high volume demand (buying climax), which is a sign that buying looks risky. Watch for potential selling opportunities.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5758

R2: 1.5772

R3: 1.5795

Support levels:

S1: 1.5712

S2: 1.5698

S3: 1.5675

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 29, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,283.25 in a volume above average. 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 1H time frame, we can observe absorption volume in the background, which is a sign that buying looks risky. Watch for potentaial selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,295.91

R2: 1,299.35

R3:1,304.93

Support levels:

S1: 1,284.75

S2: 1,281.31

S3: 1,275.73

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

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Elliott wave analysis of EUR/NZD for August 29, 2014 Trend News

Today's support and resistance levels:

R3: 1.5767

R2: 1.5741

R1: 1.5724

Current spot: 1.5716

S1: 1.5685

S2: 1.5663

S3: 1.5630

Technical summary:

The break below 1.5692 tells us, that a more complex correction is unfolding. This correction could move as low as 1.5398, but we find it more likely, that the maximum for this correction is near 1.5589. The downside pressure will stay as long as resistance at 1.5767 protects the upside, but we need a break above the resistance line at 1.5865 to confirm strong acceleration higher towards 1.6203 and beyond.

Trading recommendation:

Our stop at 1.5690 was hit for a small loss. We will be looking for a new EUR buying opportunity at 1.5595 or upon a break above 1.5767.

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

Trading recommendations :

• According to the previous events, the price of GBP/USD is going to move between the levels of 1.6635 and 1.6640.


• The prices of 1.6635 and 1.6640 are going to form resistance and support respectively. Also, it should be noticed that the price of 1.6538 will form a triple bottom today.


• So, buy above the level of 1.6538 which represents the triple bottom in H1 chart with the first target at 1.6615. Then, the trend will be able to continue towards the level of 1.6635.


• Notwithstanding, the stop loss should be set at 1.6513.


• The level of 1.6635 represents strong resistance on August 29, 2014. Moreover, the same level coincides with the ratio of the 50% Fibonacci retracement levels.


• As it is known, above the level of 50% Fibonacci always confirms for the bullish market.

Notes :

• Resistance sets at 1.6694 and minor resistance sets at 1.6635.


• We expect a range of 68 pips today.


• Volatility: 110.73

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Elliott wave analysis of EUR/JPY for August 29, 2014 Trend News

Today's support and resistance levels:

R3: 137.29

R2: 137.05

R1: 136.81

Current spot: 136.61

S1: 136.36

S2: 136.06

S3: 135.73

Technical summary:

We have finally seen the expected break below short-term important support at 136.81, which ideally will protect the upside now; but only a break above resistance at 137.29 will cause concern. We are still looking for a decline to 135.73 on the way lower to the equality target at 134.34, from where a new rally is expected. We also have to say, that the decline from 138.00 is not as pretty as we could have wished for, but no unexpected events have occurred to cause concern.

Trading recommendation:

We are short in EUR from 137.75 and will move our stop lower to 137.35. If you are not short in EUR yet, the sell near 136.81 with stop placed at 137.35.

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

Overview :

• The EUR/USD pair rebounded at the level of 1.3220. It showed signs of strength following the level of 1.3220. As expected, the minor support was broken and turned to minor resistance at the same key level (1.3220). Another thought, the price set below the resistance four days ago. Consequently, the pair has already formed a big gap around the spot of 1.3220 and 1.3240. Furthermore, the price has still been moving between 1.3220 and 1.3150. Therefore, the EUR/USD pair started showing the signs of a bearish market. So, the market indicates the bearish opportunity at the level of 1.3220/.3240 with the first target of 1.3170, and continues towards the level of 1.3115 in order to try testing the weekly support 2. Notwithstanding, the stop loss should always be taken into account. Thus, it will be wise to set your stop loss at the 1.3285 price. Also, it should be noted that the price of 1.3285 represents the weekly pivot point.

Intraday technical levels:

Date and Time:29/08/2014 11:27

Pair: EUR/USD

• R3: 1.3274


• R2: 1.3247


• R1: 1.3215


• PP: 1.3188


• S1: 1.3156


• S2: 1.3129


• S3: 1.3097

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#USDX Technical analysis for August 29, 2014 Trend News

The Dollar index has made a short-term upward reversal yesterday but still not a new high. This double top near the 61.8% retracement is a bearish sign and we remain bearish preferring short position specially if support at 82.40 is broken.

Trading inside the ichimoku cloud of the 4-hour chart, the Dollar index has made a lower high at the 61.8% retracement of the decline from 82.74. I believe selling pressures will push the index lower and break support of 82.40. Breaking this support will be another sign of weakness for the Dollar. I remain bearish and expect more downside pressures to push the index towards 82 at least.

The Dollar index is making a pull back after touching the upper channel boundaries. On the daily level, the trend remains bullish but I believe there are increased chances of a trend reversal from the current levels. Bulls should keep their stops tight and near 82.40. Breaking below that level will be a sell signal that could push the index towards 82 at least or even 81.85. In conclusion, I prefer closing long positions or even taking short positions with 82.54 as stop rather than opening new long positions.

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Gold Wave analysis for August 29, 2014 Trend News

Gold price made another upward move yesterday towards the $1,295 resistance and got rejected. Today, there is a lot of selling pressures pushing price towards critical support of $1,280. Gold should bounce higher from the current levels above $1,295 soon, otherwise sellers will come back stronger.

In the 4 hour chart as shown above, Gold price has broken the short-term upward sloping red trend line. However, price is still inside the neutral area of the Ichimoku cloud. Gold price has started making higher highs and higher lows from $1,271. Breaking below the horizontal support at $1,280 will cancel this short-term bullish signal. Besides, price will have broken below Ichimoku cloud area.

In the daily chart, Gold price was rejected at the lower end of the Ichimoku cloud at $1,295. Price is below the cloud which is a bearish sign. However, as I have pointed out in previous posts, important long-term support is found at $1,270 where we saw a first initial bounce. Gold bulls will need to push price back inside the Ichimoku cloud. The longer price keeps below the cloud, the more chances there are of a sharp sell off towards $1,200.

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Forecast of USD/CAD for August 29, 2014 Trend News

The pair made a broadening top, unable to breach the 1.1 level on the upside. Last two weeks, it managed to close above 20Wsma. This week, the pair hit the 20Wsma. On the down side, it has support at 1.07915. Closing below this, the short-term noise will be created for a downside target at the 1.0708 and 1.0620 levels. The weekly RSI is indicating a sell on the rise strategy. On a daily basis, the pair declined and close below 20Dsma and 200Dsma. On the down side, it has support at 1.08; a daily close below 1.08; the near-term target may be found around the 1.0765 and 1.07 levels.

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

The pair has been making lower lows and lower highs for 5 days. Today in Asia's session, the pair was opened with a lower low. The pair closed far below the 20Dsma. In the weekly chart, the pair was rejected thrice from 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 a parallel support at the 137 level. Below this, 136.75-136.60 will be used as a weekly support level.

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

On intraday basis, the prices are closed below and trading below 12ema, negative for hourly and intraday trading. The pair has been consolidating for the last 15 hours between 136.79-136.64. The prices are facing strong resistance at 21hrsma in the H1 chart. Until the pair trades below 137.30, selling on every upmove will mint money.

Resistance is at 136.90, 137.21, and 137.30.

The trading range is between 136.36-138.02. We will see panic below 136.36 and a huge spike above 138.02.

Fresh sell only below 136.36.

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Intraday trading recommendations and review of Gold for August 29, 2014 Trend News

The metal was on the way up to $1,296 and closed at the $1,289.20 level. The metal breached the 100Dsma and 20Dsma in intraday basis, but failed to close above those levels. Today, the metal opened above the previous close, which resulted in strong opening with open lower strategy. It is facing strong resistance at $1,295.50 on closing basis. For the last 3 days, we have been recommending to buy.

Our scenario was about a daily close above $1,285 and that the near-term sharp run would take place. - Done

If it closes above $1,285, it can fly up to $1,295, $1,300 and $1,306 in the near term. So, $1,295 has been hit.

For an hourly trading view, the metal pries are closed above key hourly moving averages 35DEMA and 12ema. The metal has support at $1287.50, $1,285, $1,284, and $1,282.

The most probable scenario is the following. A weekly close is expected above $1,292. Strong move is likely to happen soon.

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