Daily analysis of Silver for September 03, 2014 Trend News

Overview

As shown on today's H4 chart, the metal failed to break the support level of 19.00 and is still trading between the support level and below the resistance level of 19.20. Currently, it is bouncing from the support level and is preparing for the bullish move. So, we still suggest waiting for closing above the resistance level of 19.20 to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 19.50. Then, after breaking this resistance level silver would open the way towards the new resistance level of 19.75, which means more bullish signals. But as long as the metal trades below the resistance level of 19.20, this cancels the bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3 (18.50).

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Daily analysis of GBP/JPY for September 03, 2014 Trend News

According to the today's H4 chart, yesterday's closing below the resistance level of 173.30 provided an opportunity to make a bearish move after the price failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching the support level of 172.60. In that case, we might get another opportunity for more sell signals which will open the way towards the level of 172.00 as the first target. Then, the price should test the support level to keep its bearish move. But as long as the price stabilizes above the support level of 172.60, it cancels the first scenario.

Resistance and support levels: R3 (174.40), R2(173.80), R1(173.30), S1 (172.60), S2 (172.00), S3(171.50).

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Technical analysis of USD/CAD for September 3, 2014 Trend News

General overview for 03/09/2014 10:50 CET

The technical resistance level has been broken but the market failed to rally after making this move and now is quite possible that the alternate count might be in play. The most important level currently is the intraday support at the level of 1.0876 because breakout below this level would mean, that the top for the wave B green is in place and market needs to make one more wave lower to complete overall corrective cycle. The projected target levels are still the same at the level of 1.0745 - 1.0726.

Support/Resistance:

1.0995 - Swing High

1.0940 - Intraday Resistance

1.0876 - Intraday Support | Invalidation Level|

1.0809 - Wave 2 Green Low

1.0745 - 1.0726 - Projected Target Zone For Wave C Green

Trading recommendations:

Short orders should be in play only if the level of 1.0876 is violated. SL would be at the level of 1.0940 and TP at the level of 1.0745.

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Elliott wave analysis of EUR/NZD for September 03, 2014 Trend News

Today's support and resistance levels:

R3: 1.5891

R2: 1.5864

R2: 1.5833

Current spot: 1.5794

S1: 1.5778

S2: 1.5761

S2: 1.5740

Technical summary:

The strong rally from the wave 2 low at 1.5646 is clearly impulsive in character and indicates, that much more upside will be seen in the coming weeks. In the short term, we expect support at 1.5761 to protect the downside for a break above 1.5833 confirming the next strong rally above 1.5899 higher towards the next major target at 1.6203 and beyond. A break above 1.5899 will be a strong long-term buying signal.

Trading recommendation:

We are long in EUR from 1.5725 and will keep our stop at 1.5640 for now. If you are not long in EUR yet, then buy EUR near 1.5761 with the same stop at 1.5640.

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Technical analysis of GBP/USD for September 3, 2014 Trend News

Overview :

• The price of the GBP/USD pair has opened below the weekly support 1 and support 2 at the level of 1.6493. Additionally, it should be noted that the double top is going to set at 1.6506; and the market was in a downtrend three weeks ago. Therefore, the market will probably indicate a bearish opportunity at the level of 1.6510 in the long term. Also, the weekly support 1 and support 2 will act as strong resistance levels on September 3, 2014 because supports become resistances after breaking it this week. So, according to the previous events, the price is still moving between the levels of 1.6522 and 1.6433. From now on, the area below 1.6506 (below the weekly supports) looks for further downside with the first target at the 1.6446 level in order to form the double bottom and continue towards 1.6415 to test support 3 in H1 chart. Notwithstanding, the stop loss should be placed above the weekly pivot point at the price of 1.6485.

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Technical analysis of EUR/USD for September 3, 2014 Trend News

Forecast :

• According to the previous events, the price of the EUR/USD pair is going to move between the levels 1.3110 and 1.3190.


• Buy above the price of 1.3109 which represents the double bottom in the long term with the first target at 1.3161 in order to test the weekly pivot point. It might resume to 1.3190 if the trend will be able to break the weekly pivot point at 1.3161.


• The stop loss should always be in account, so it will very useful to set your stop loss below support 1 at the price of 1.3068.

Notes :

• Strong resistance will be set at the level of 1.3190.


• The double top is going to set at the 1.3220 level. Currently, the double bottom is set at the price of 1.3109.


• We expect a range of 80 pips today.


• The weekly pivot point (1.3161) represents the key level this week.


• The price hit the weekly pivot point and the support 1 last week.

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Intraday technical levels and trading recommendations on GBP/USD for September 3, 2014 Trend News

Breakdown of the DEMAND level around 1.6975 allowed a quick decline of the GBP/USD pair initially towards the price zone of 1.6800-1.6820.

While retesting the price zone of 1.6800-1.6820, a bullish pause occurred meanwhile. This corrective movement was stopped below 1.6880 when bears applied considerable bearish pressure.

Through the previous two weeks, the GBP/USD pair established a congestion zone between the price levels of 1.6660 and 1.6550.

Bullish breakout off the current steep channel was considered last week. However, extensive bearish pressure was manifested yesterday.

On the other hand, the current DEMAND level to meet the pair is located around 1.6470-1.6460 where a previous bottom was established in March.

As depicted on the chart, bearish breakout off the previous congestion zone 1.6530-1.6595 took place. Shortly after, projection target was reached around 1.6460.

The GBP/USD pair has been downtrending for almost 25 days. However, evident bearish momentum keeps pushing lower without significant bullish correction.

Price action should be watched carefully at retesting the price level of 1.6535. It's the nearest SUPPLY level to meet the pair (a broken DEMAND level). There will be a high tendency to retest it before further movements can occur.

Any bullish fixation above 1.6600 hinders the current steep trend allowing the reversal pattern to hit its projection target at 1.6670, then 1.6720.

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Intraday technical levels and trading recommendations on EUR/USD for September 3, 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 following a bearish gap.

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 weakness is manifested in yesterday's candlestick. Thus, bullish entries are recommended in the meantime.

The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3330-1.3420.

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 during the previous week. 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 1.3215 is essential to acquire a momentum strong enough to initiate a bullish corrective move towards 1.3295 and 1.3330 as well.

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USD/CAD intraday technical levels and trading recommendations for September 3, 2014 Trend News

The 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 previously formed.

One month ago, the USD/CAD pair has failed to maintain daily closure above price level of 1.0950, then a double-top reversal pattern was expressed at retesting last week.

As we mentioned before, bearish rejection was anticipated after such a long bullish rally that originated off 1.0650 and 1.0710.

A valid SELL position was suggested at retesting which took place last week. The initial bearish target is located around 1.0825, then 1.0770 (considerable Intraday support) .

Price zone of 1.0880-1.0900 offers a valid low-risk SELL entry as long as the recent top at 1.0990 remains unbroken.

Daily closure below price zone of 1.0870-1.0850 confirms a long-term double-top pattern (on the daily chart) 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 meantime).

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GBP/USD intraday technical levels and trading recommendations for September 3, 2014 Trend News

One month ago, 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, bears had an initial bearish target around 1.6800.

However, this price zone of 1.6800 - 1.6820 failed to provide support too. Thus, maintaining the downside movement within the depicted chart.

The current bearish destination is located around 1.6460 which has been hit earlier today. (Price level of 1.6460 corresponds to a prominent bottom on the daily chart).

In case bulls maintain the current daily closure in the form of a "bullish hammer daily candlestick", bullish breakout is likely to occur this week.

Otherwise, sustained bearish pressure will expose price levels around 1.6340 for retesting. It's the nearest daily support to meet the pair.

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Elliott wave analysis of EUR/JPY for September 3, 2014 Trend News

Today's support and resistance levels:

R3: 138.47

R2: 138.27

R1: 138.08

Current spot: 138.02

S1: 137.75

S2: 137.58

S3: 137.38

Technical summary:

We have seen a small break above important resistance at 138.00, which indicates that more upside will be seen after a small correction towards 137.38, from where the next strong rally higher towards 140.07 is expected. A clear break above resistance at 138.00 will also trigger the inverse S/H/S for the same target. In the longer term, I will be looking for a rally towards at least 143.79, but for now let's take this expected rally in small steps first.

Trading recommendation:

We are long in EUR from 137.35 and will keep our stop at 136.45 for now. If you are not long in EUR yet, then buy near 137.38 with the same stop at 136.45

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EUR/NZD analysis for September 03, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5828 in an ultra high volume (buying climax) according to the daily time frame. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. Our Fibonacci retracement 61.8% at the price of 1.5800 is on the test. According to the 4H time frame, we got buying climax near our resistance, so buying looks very risky at this stage. Any larger supply in a high volume may confirm further bearish movement.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5816

R2: 1.5856

R3: 1.5921

Support levels:

S1: 1.5686

S2: 1.5646

S3: 1.5581

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

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Gold analysis for September 03, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,260.98 in a very high volume according to the 4H time frame. The price almost tested our Fibonacci expansion 100% at the level of 1,258.00, so be careful when selling at this stage. If the price breaks the level of 1,258.00, we may see more downward movement. Otherwise, if we see larger bullish reaction from our support, Gold may start a bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,283.62

R2: 1,290.18

R3: 1,300.80

Support levels:

S1: 1,262.38

S2: 1,255.82

S3: 1,245.20

Trading recommendations: Selling gold at this stage looks risky since the price is near our support level.

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Technical analysis of EUR/JPY for September 3, 2014 Trend News

General overview for 03/09/2014 11:20 CET

The bearish impuslive count has been invalidated as wave Y violated the level of 137.98 making wave 1 and wave 2 overlaps. That means now the chances for impulsive bearish wave developments are low as the market is supposed to complete the blue wave (b) to the downside and one more blue wave (c) to the upside first. Then, according to the H4 chart, there is a possibility that this complex, time-consuming corrective cycle is completed in a form of triple complex correction and the market might be ready for further increase. Please, notice that a breakout below the level of 135.46 invalidates the purple impulsive count and makes the top for big cycle blue wave 1 in place at the level of 145.65.

Support/Resistance:

138.63 - WR3

138.25 - Intraday Resistance

138.14 - WR2

137.75 - Intraday Support

137.40 - Intraday Support

137.37 - WR1

136.89 - Weekly Pivot

Trading recommendations:

As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).

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#USDX Technical analysis for September 3, 2014 Trend News

The Dollar index remains in a bullish trend. Price managed to break above 83 and Dollar does not show any sign of weakness. The Dollar index continues to make higher highs and higher lows and remains inside the upward sloping channel as shown in the 4-hour chart below.

Short-term support is found at 82.85 and at 82.70. Breaking below 82.70 could push the index towards 82.50. Resistance is found at 83.10 and 83.40. The Ichimoku cloud remains below current price and this is another bullish sign showing how strong the bullish trend is.

The daily trend remains bullish. Price is keeping inside the upward sloping channel from 79.75. Daily support is found at 82.50 and at 82.25. The upward sloping channel boundaries are at 82.25. If broken, we could see a push towards 81.40 or even the Ichimoku cloud at 81.10-81.20. The trend remains bullish. Next target at 84.

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Gold Technical analysis for September 3, 2014 Trend News

Gold price has broken below important support at $1,270. Price remains below that level and we expect a push lower to come today. The trend is down. To change price, the trend will need to break above $1,295. The Gold price target is now at $1,240 for the short term and $1,000 for the long term.

Gold is forming a bearish flag in the 4-hour chart. This upward bounce could reach $1,270-75 but I believe more selling pressures will come. Breaking below $1,262 will give another sell signal with $1,245-40 as a short-term target.

In the daily chart as shown above, Gold price remains below the Ichimoku cloud and has also broken the important support trend line coming from $1,180 and $1,240. This could mean that wave 4 is over and wave 5 downmove towards $1,000 has started. Confirmation will come when $1,240 is broken. Short-term trend change will come if price breaks above the downward sloping red trend line which is currently at $1,295.

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Technical analysis of USD/JPY for Sep 03, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with a bullish bias after hitting a nine-month high at 105.22 on Tuesday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 82.97 versus 82.76 early Tuesday) and higher U.S. Treasury yields (10-year at 2.423% versus 2.345% late Friday) after a surprise rise in U.S. ISM manufacturing PMI to 59.0 in August--its highest since March 2011--from 57.1 in July (defying forecast for a drop to 56.8), stronger-than-expected 1.8% increase in U.S. July construction spending (versus forecast +1.2%), as well as a rise in U.S. IBD/TIPP Economic Optimism Index to 45.2 in September after 44.5 in August. USD/JPY is also supported by the demand from Japanese importers and the weak JPY sentiment anticipation of increased offshore asset allocation by Japan's Government Pension Investment Fund. But USD/JPY gains are tempered by Japanese export sales and lingering worries over the situation in Ukraine.

Technical comment:
The daily chart is positive-biased as MACD and stochastics are bullish, although latter is in the overbought zone, five and 15-day moving averages are advancing. .

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 105.40 and the second target at 105.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 104.55. A break of this target would push the pair further downwards and one may expect the second target at 104.35. The pivot point is at 104.70.

Resistance levels:

105.40

105.60

105.80

Support levels:

104.55

104.35

104.20

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Technical analysis of USD/CHF for Sep 03, 2014 Trend News

Overview:

USD/CHF is expected to consolidate in a lower range after hitting a near-10-month high at 0.9212 on Tuesday. It is undermined by the franc demand on the buoyant CHF/JPY cross amid the weak yen sentiment and spillover strength on CHF from rebounding EUR. But the CHF sentiment is dented by weaker-than-expected Switzerland's 2Q GDP (came in flat versus 1Q and rose 0.6% on-year, against forecast of +0.6% on-quarter, +1.8% on-year). USD/CHF losses are also tempered by the positive dollar sentiment, dovish Swiss National Bank's monetary policy and franc sales on the buoyant EUR/CHF cross. The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 and 15-day moving averages are advancing.

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 0.9230 and the second target at 0.9255. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9160. A break of this target would push the pair further downwards and one may expect the second target at 0.9135. The pivot point is at 0.9175.

Resistance levels:

0.9210

0.9230

0.9255



Support levels:

0.9160

0.9135

0.91

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Technical analysis of NZD/USD for Sep 03, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a six-month low at 0.8289 on Tuesday. It is undermined by the positive dollar sentiment, weak dairy prices, and reduced expectations of a further rate hike from the Reserve Bank of New Zealand this year. But NZD/USD losses are tempered by NZD-USD interest differential. The daily chart is negative-biased as bearish outside-day-range pattern was completed on Tuesday, MACD & stochastics reversed to a bearish mode; five- & 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8270. A break of this target will move the pair further downwards to 0.8240. The pivot point stands at 0.8380. 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 0.8435 and the second target at 0.8465.

Resistance levels:

0.8435

0.8465

0.8490

Support levels:

0.8270

0.8240

0.82

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Technical analysis of GBP/JPY for Sep 03, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a higher range. It is supported by the buoyant USD/JPY undertone and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales and caution ahead of the ECB's interest rate decision on Thursday. The daily chart is positive-biased as MACD and stochastics turned bullish, five-day moving average is rising above a 15-day MA.

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 174 and the second target at 174.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.55. A break of this target would push the pair further downwards and one may expect the second target at 172.30. The pivot point is at 173.05.

Resistance levels:

173.65

174

174.50



Support levels:

172.55

172.30

172

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Intraday trading recommendations on GBP/JPY for September 03, 2014 Trend News

In yesterday's fall, the pair held the support at the 172.90 level and made a low at 173. Today, the pair opened above yesterday's low. On a closing basis, until the pair closes above 172.90 bulls will try to take the pair towards the 174.23 and 174.40 levels. The descending trend line is currently acting as a support line. The weekly key support existed at the 172.75 level below this, 172.46, 172.32 will be the minor support levels.

Support is at 173, 172.75, and 172.46.

Resistance is at 173.50, 174.01, and 174.23.

For an intraday trading perspective, the prices closed and trading above 12ema and 35DEMA. The RSI in the h4 chart is indicating a sell call. But the prices came out of the 3-day trend setup. The pair has a resistance zone between the 173.30- 173.38 levels. On the down side, it has support at the 173, 172.75 and 172.65 levels. Below 172.65, strong selling will emerge in intraday for 172.30, 172 and 171.69.

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Intraday trading recommendations on EUR/JPY for September 03, 2014 Trend News

The pair trading at a 5-week high, approaching the crucial resistance zone between 138.50-138.75. A weekly close above 138.75 turns the short- and medium-term trend to positive. On the down side, it has support at 138 below this; 137.58 and 137.50 are strong support levels in the near term. Breaking below this, 137.29 and 137.10 are minor support levels. In case a daily close is below 137.50, the weekly trend turns to negative.

Support is at 138, 137.50, and 137.10.

Resistance is at 138.50, 138.75, and 139.10.

Intraday cmp 138.13.

The prices are closed and trading above the neckline and hourly key moving averages. In the h4 chart, the oscillators are indicating an extreme overbought area. For an hourly trading session, we recommend selling below 138 with the targets at 137.88, 137.81, and 137.60. The panic will trigger below 137.60 towards 137.50, 137.20, and 137.10. Fresh buy only above 138.25 with the targets between 138.50 and 138.60 levels.

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Weekly forecast and an intraday analysis of Gold for September 03, 2014 Trend News

The stronger US data hit the metal's price towards a 2-month low. The August Manufacturing PMI jumped to 59 from 57.1 in July. Finally the metal hit the triangle in the weekly chart. By the end of the week, if it closes outside the triangle in the near term, we can see the $1,240 level. In yesterday's fall, the metal held the support at the 61.8 fib level in the weekly chart. On the down side, it has a support zone between $1,262-$1,258.50 below this steep fall up to $1,250, $1,247, and $1,240 in the near term. On the higher side, it has resistance at $1,291 (50Wsma) until the metal closes below this on a weekly basis. Selling on the rise will mint the money.

Support is at $1,262, $1,258.50, and $1,250.

Resistance is at $1,285, $1,291, and $1,294.

Intraday cmp $1,264.90

The metal prices are closed and trading below the key hourly moving averages - 12ema and 35DEMA. Until the price trades below $1,283, selling on every move will mint the money. On the down side, $1,250 is an inital target, until the price trades below the base of the triangle at $1,273.

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Monthly forecast and an intraday recommendation on USD/CHF for September 03, 2014 Trend News

The pair managed to close above 200Wsma on the previous week. According to the data released yesterday, Switzerland's economy stood still in the second quarter. The weakness in the European union export markets stagnated Swiss economy. The pair made a high at 0.9212 in yesterday's session and erased all its gain. On the upside, it has resistance at 0.9232, 0.9250, and 0.9265 (50.0 fib level). On the down side, it has support at 0.9150 (200wsma), 0.9125 and 0.9020 levels. For a monthly perspective, it has strong support at 0.8972 (50Wsma).

Monthly view -

Support is at 0.9150, 0.9125, and 0.9020.

Resistance is at 0.9232, 0.9250, and 0.9280.

Intraday cmp 0.9191

The pair opened its session with a minor bullish sign opened lower at the 0.9189 level. The daily stochastic and RSI do not favor fresh buying, representing limited upside up to 0.9244. The pair looks well below 0.9185. For an hourly trading perspective, it has support between the 0.9180 and 0.9170 levels. On the higher side, it has resistance at 0.92 and 0.9212. We recommend selling only below 0.9170 with the targets at the 0.9127 and 0.9150 levels. Fresh buy only above 0.9215 with the targets at 0.9232, 0.9250, 0.9265, and 0.9280.

Recommendations-

Sell below 0.9170.

Buy above 0.9215.

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