Technical analysis of EUR/JPY for May 13, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is seen to be bouncing off the support region at 140.00 levels as expected. At the moment, the pair is trading close to 141.00 levels; probably bulls are back in control. Recommendations to initiate long positions on dips, risk remains at 139.50 levels. A break of 143.00 levels should prove to be extremely bullish and also confirm that bulls maybe poised to print fresh highs.

2. Support is at 140.00, followed by 138.50, 136.00 and lower while resistance is at 142.50/143.00, followed by 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY bulls could be bought till prices are above 140.00 levels. A break below 140.00 consistently could initiate a lager correction though.

Trading recommendations:

Buy on dips close to 140.30/50, stop at 139.50, target is open.

Good luck!

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Technical analysis of EUR/JPY for May 13, 2014 Trend News

General overview for 13/05/2014 09:40 CET

The market has hit the anticipated resistance level in the territory of previous wave 4 and now is in the critical level to confirm or invalidate the count. The supply zone between the levels of 140.97 - 141.06 should provide the resistance now and any breakout higher above this level will invalidate the main green impulsive count, making alternate green count the correct one. That would mean the overall impulsive wave development is even more bearish but the correction for wave alt.2 green might go slightly higher to the level of 141.41 and then downward trend should resume. For more immediate bearish progression to occur the market needs to fail at the current level and break the intraday support at the level of 140.50 in impulsive fashion. If that happens, next support to keep an eye on is the swing low at the level of 139.90.

Support/Resistance:

142.27 - Wave 2 red high

141.35 - WR1

140.96 - 141.06 - Supply Zone

140.02 - Key Level

140.61 - Weekly Pivot

140.50 - Intraday Support

139.90 - Wave (iii) green low

139.25 - Wave 5 red target

Trading recommendations:

Swing traders should still keep short positions open as the current impulsive wave progression to the downside has not been finished yet. Nevertheless, the current level is good to add to the existing open sell orders with a SL above 142.41 and TP open for now. Another level worth of consideration for both types of traders is the level of 139.88 with SL above the level of 140.51 and TP at the level of 139.25 with a possible downside extension.

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Technical analysis of GBP/CHF for May 13, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has hit major resistance levels at 1.4960/70 lately, as seen here. The pair should potentially resume a meaningful pullback from current levels towards mid 1.4600's now. Recommendations are to remain flat for now and wait for the pullback to complete before a bullish reversal takes place.

2. Support is seen at 1.4780, followed by 1.4630, 1.4550/1.4450 and lower, while resistance is seen at 1.5120 respectively.

3. The structure indicates that GBP/CHF might potentially give a meaningful retracement from current levels before resuming the rally. Please also note that a fall below 1.4600 levels would be extremely bearish for the pair and would continue to drift further.

Trade recommendations:

Remain flat for now. Aggressive setup would be to initiate short positions, stop above 1.5100, target is 1.4660/50.

Good luck!

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Technical analysis of USD/SGD for May 13, 2014 Trend News

The pair has been in a downtrend from 1.2570 levels. Recently, the US dollar became stronger and this pair took u turn from 1.243 level. It took the support at its parallel weekly support at 1.2426. From previous 1-month the pair is struggling to cross above the weekly 50SMA at 1.2583 level. On the down side, if the pair breaks the support at 1.2426, it is likely to drift all the way to 1.2317 and 1.23 levels. The break below 1.23 major cracks is seen to take place at 1.2130 levels. On the upside, the pair is facing resistance at 1.2495 (last weeks high). In case it is crossed, we will see 1.2555, 1.2571 and 1.258 levels.

Weekly key support at 1.2426, resistance at 1.2495

For the month, the pair is trading in a buy on dips strategy from the cmp or even dip. The daily momentum indicators are giving a buy call for this pair. Traders can buy above 1.2495 for targets 1.256 (50daily SMA) and 1.257 levels. The key reversal is seen to take place when the pair crosses the 1.257 so it can fly up to 1.2626 levels easily.

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GBP/USD medium-term forecast and intraday recommendations for May 13, 2014 Trend News

GBP/USD
The pair has been in an uptrend from 1.6465 levels. It completed its extended legs at 1.70 levels. The weekly momentum indicators are giving the selling signs. The weekly key level was placed at 1.6832. A break below this level would ring the bells for sellers and the pair is likely to drift towards inital targets at 1.68 and 1.6763 levels. 1.666 is the key support level, below 1.6465 is an open target. The weekly momentum indicates the sell on rally.

Weekly key level- 1.6832 support, 1.70 resistance

Monthly key level- 1.666 support, 1.704 resistance

For the week of May 13-16, the upside resistance was placed at 1.3906 levels (yesterday's high). Currently, the pair is taking support at the upside breakout at the level of 1.682 (previous swing high). This is the key level for bulls to hold below, 1.6782 is the initial target later 1.6763 and 1.6722 (50 daily SMA). The bears are seen to take charge below 1.682 level. To sell on rally is the best strategy.

Intraday

The pair is trading at 1.6871, it is holding its ground at 1.682. Trading above the level 1.682 is a bullish note. The hourly momentum indicators are giving a pullback sign from the current oversold levels. We expect the pair to come down towards the support levels placed at 1.685, 1.683 and 1.682 levels, then it is seen to move to 1.69 and 1.6938 levels. As per RSI in the h4 chart, the pair is in buy on dip strategy for the next 1-2 sessions. On the up side, the crucial resistance was placed at 1.69 and on the down side the key support level placed at 1.682 and 1.6792 levels.

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Technical analysis of gold for may 13, 2014 Trend News

Gold
All eyes are on today's US core retail sales and retail sales. We expect the indicator to rise at solid pace. The sales growth is likely to be above 0.4%. In yesterday's session Gold was supported by geo-political tensions. The SPDR gold fell to 780.46 tonnes from 782.80 tonnes.

In yesterday's session the metal again hold the parallel support at $1,277 levels. The trading pattern was framed between $1,277-1304.70 levels. The RSI in the weekly chart is still showing the positive direction. The weekly key supports were placed at $1,285 and $1,277 levels. On the upside, resistance levels were placed at $1,300 and $1,315.

The metal was unable to close above the 1,300 level and it was a bearish view. In yesterday's trading session, the metal found support below the trendline in the daily chart. On the upside, the metal has strong resistance level at $1,300. Daily close is seen above it. The bulls are likely to gain some strength and push up to $1,$305 and $1,311 (50daily SMA). A medium-term reversal is expected to take place once the metal closes above the 50SMA ($1,311) so that it can move up to $1,315,$1,320 and $1,325 levels. On the downside, if the metal breaks the multi support level of $1,277, it will drift up to $1,273, $1,270, $1,268 and $1,260 levels. If it closes below the $1,277 level, we expect the metal it to drift all the way to $1,260, $1,245 and $1,213 levels.

Currently, the metal is trading at $1,295.20 in Asia's trading session. It is facing strong resistance at $1,295.70 (hourly 50SMA). The hourly Stochastics indicating another downfall to $1,292.10, $1,290.70 and $1,287.70. Below the $1,290.70, it is seen to extend its fall to $1,284.40, $1,280 levels. However, if the metal trades above the 50SMA $1,295.70, it will zoom up to $1,297.40, $1,300.40, $1,305, $1,312.80 and $1,315 levels.

Recommendations-

Sell below $1,294.40

Buy above $1,297.50

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EUR/USD medium-term forecast and intraday recommendations for May 13, 2014 Trend News

EUR/USD
The pair has been in a downtrend from 1.399 levels. In the weekly chart, the pair broke the support trend line and closed below it. This week the pair opened and was trading below the lower trendline, which is bearish. However, it failed to break the previous week's low, which is a bit positive sign this week. This week's key level was placed at 1.3746 (last week's low). Once the pair breaks this level, it will rise to 1.3696 and 1.367 levels. This is an inital support which will act as a short-term trend reversal level. On the bear front , if the pair breaks the 1.367 level, the trading in May will become rough in coming sessions, thus attracting the lower targets at 1.3536 (50weekly SMA), 1.3480 and 1.34 (200weekly EMA).

Weekly key level- 1.3746 support, 1.3825 resistance

Monthly key level- 1.367 support, 1.40 resistance

For this week May of 13-16, the upside resistance was placed at 1.3825 (50daily SMA). Currently, the pair is trading below it, and for 2 days in a row the pair closed below the 50SMA, which is a highly bearish indicator. The bulls will take charge provided that EUR/USD closes above the 50SMA. To sell on the rally is the best strategy.

Intraday
The pair has been trading in a range between 1.3746-1.3775. It opened on a bull note at 1.3759. The RSI in the h4 chart is indicating that the pair is likely to pull back from the oversold levels. EUR/USD has buyers zone at 1.3737 level and below. So it is seen to fall to 1.37 and 1.3673. On the upside, the inital resistance level is placed at 1.3775 (yesterday's high, April 30 low and previous swing low). The bulls seem to be back on track only above this key level. Having crossed it, the pair is likely to fly up to the 1.3825 level, which is the next crucial level. First, the pair is expected to fall down before further moving up.

Recommendations- cmp 1.3758

Safe traders buy above 1.3775 targets 1.38 and 1.3825

Sell below 1.3737 targets 1.37 and 1.367

Buying on dip is the best strategy for 1-2 days

Adopt a strategy and trade safe.

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