Gold analysis for June 02, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, the price tested the level of 1,242.04 on volume above the average according to the Daily chart. Since the price has broke support level (1,251.00), we saw bearish pressure. I have placed Fibonacci expansion to find potential end of bearish movement and I've got submajor Fibonacci expansion 161.8% at the price of 1,215.00 and major Fibonacci expansion 161.8% at the price of 1,143.00. According to the 1H timeframe, we can observe volume leveling off on the swing low, which is a sign that we may see possible bullish correction, before we continue with more bearish movement. Resisntace levels are the the price of 1,251.00 (swing low) and the price of 1,269.00. Be careful with selling Gold at this stage since the price is near the support level. Build selling positions just after bullish correction. Anyway, to confirm further bearish movement price needs to break the level of 1,240.00 (swing low).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,249.92

R2: 1,250.82

R3: 1,252.27

Support levels:

S1: 1,247.02

S2: 1,246.12

S3: 1,244.67

Trading recommendation: Trading the metal, be careful with short-term selling since the price is near support.

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Elliott wave analysis of EUR/NZD for June 2, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6179

R2: 1.6131

R1: 1.6097

Current spot: 1.6062

S1: 1.6018

S2: 1.5974

S3: 1.5930

Technical summary:

The trend line resistance from 1.6996 has clearly been broken as we expected. This call for a continuation higher soon and we will be looking for a break above minor resistance at 1.6097 as confirmation that the next impulsive rally higher towards 1.6179 is developing.

In the short term we will find support at 1.6018 and again at 1.5974, but we do not think that support at 1.6018 will be broken and if it does it will only be a minor delay before higher.

Trading recommendation:

Stay long in EUR from 1.5858 with your stop placed at 1.5970. If you are not long in EUR yet, then buy near 1.6018 or upon a break above 1.6097 with the same stop at 1.5970.

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Elliott wave analysis of EUR/JPY for May 2, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.36

R2: 139.12

R1: 138.86

Current spot: 139.01

S1: 138.66

S2: 138.42

S3: 138.07

Technical summary:

The rally from the 137.97 low has been slightly stronger than expected and indicates that blue wave v and red wave iii bottomed already at 137.97 and red wave iv is developing. We do expect red wave iv to reach 139.36 before turning lower in red wave v. Short-term the correction from 137.97 doesn't look finished, but it will likely be a more complex flat consolidation as it will alternate from the simple zig-zag correction in red wave ii.

Once this correction is over we should see renewed downside pressure towards at least 137.24 and more likely even lower towards 135.94.

Trading recommendation:

Sell EUR at 139.20 with a stop at 140.20.

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#USDX Technical analysis for June 2, 2014 Trend News

The Dollar index is challenging 80.50-.60 resistance. The Dollar index continues to make higher highs and higher lows and as the recent high is currently being challenged, it should be no surprise if we saw a new high soon towards 80.70.

In the chart above I show the short-term support by horizontal green lines and the resistance as the horizontal red trend line. Price is above the Ichimoku cloud and the pattern of higher highs and higher lows supports our bullish view. A clear break below 80.30 will be the first sign of a trend reversal and a sign to close long positions and take profits. Support at 80.10 is also crucial as this is where the Ichimoku cloud lower boundaries are found.

In the daily chart, the Dollar index is trying to break above the blue upward sloping trend line resistance. The Ichimoku cloud is below current price levels and there is increased probability of seeing this move higher towards 80.70. A daily close below 80.35 will confirm that a top is in. Long-term support is found at 79.90.

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Technical analysis of EUR/JPY for June 2, 2014 Trend News

General Overview for 02/06/2014 09:30 CET

The impulsive wave progression in wave c purple of wave (ii) green looks completed and now any impulsive reaction to the downside will be considered as the first clue that the overall corrective cycle is finished and now downward cycle has been started. Moreover, a breakout below the supply breakthrough zone is bearish and next support level would be the weak golden trendline. Please notice that in alternate count the market might still go little bit higher before the reversal happens and this is valid for both intermediate and small internal cycles.

Support/Resistance:

139.50 - WR1

139.35 - Wave 2 High

138.95 - Intraday Resistance

138.73 - Weekly Pivot

138.60 - Intraday Support

138.50 - 138.57 - Supply Breakthrough Zone

138.11 - WS1

137.97 - Wave (i) green Low

Trading recommendations:

Daytraders should consider opening sell limit orders at the level of 138.93 with SL above the level of 139.15 and TP at the level of 138.73 with a possible extension to the level of 138.60.

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Technical analysis of USD/CAD for June 2, 2014 Trend News

General Overview for 02/06/2014 09:05 CET

The reaction from the level of technical support has been capped by the upper red channel line and price is now trying to breakout higher. The key level is intraday resistance at the level of 1.0854 and a breakout above is needed to confirm further impulsive wave progression. The next resistance level would be WR1 at the level of 1.0871 and a breakout higher would mean that supply zone will be tested. Please remember that this count is an attempt of (a)(b)(c) blue irregular flat wave progression in wave 2 black, so we are looking for wave (c) to go beyond the top of the wave (a). The specific target is at the H4 chart.

Support/Resistance:

1.0810 - WS1

1.0812 - 1.0821 - Technical Support

1.0836 - Intraday Support

1.0846 - Weekly Pivot

1.0854 - Intraday Resistance |Key Level|

1.0874 - WR1

1.0911 - WR2

Trading recommendations:

Daytraders should consider opening buy stop orders if the level of 1.0854 is broken with SL below the level of 1.0836 and TP at the level of 1.0874 .

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Technical analysis of EUR/USD for June 02, 2014 Trend News

When the European market opens, some economic news will be released such as German Prelim CPI m/m, Spanish Manufacturing PMI, Italian Manufacturing PMI, Final Manufacturing PMI.The US will release economic data too such as the Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3693.

Strong Resistance:1.3685.

Original Resistance: 1.3672.

Inner Sell Area: 1.3659.

Target Inner Area: 1.3627.

Inner Buy Area: 1.3595.

Original Support: 1.3582.

Strong Support: 1.3569.

Breakout SELL Level: 1.3561.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3582 and 1.3672. The rate is accompanied by strong support at 1.3569 and by 1.3685 as strong resistance.

If EUR/USD breaks out and closes below the 1.3561 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3693 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3595 and at 1.3659, a SELL position. In this case both targets should be placed at the level of 1.3627.

Official Analyst of InstaForex Group Insta Forex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

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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