Technical analysis of USD/JPY for June 18, 2014 Trend News

Overview:

USD/JPY is expected to consolidate in a higher range as markets await 1800 GMT Federal Reserve interest rate announcement which is followed by Janet Yellen press briefing: the Fed is expected to reduce its mortgage and Treasury bond buying program by another $10 billion to $35 billion per month. USD/JPY is underpinned by the positive USD sentiment (ICE spot dollar index last 80.61 versus 80.45 early Tuesday) and higher U.S. Treasury yields after faster-than-expected 0.4% rise in U.S. May CPI (versus +0.2% forecast) stoked speculation that the Fed may raise interest rates sooner than markets had originally expected. USD/JPY is also supported by the demand from the Japanese importers, PM Abe's plans to cut corporate income taxes and turn the $1.3 trillion Government Pension Investment Fund into a more risk-taking equities-focused investor and yen-funded funded carry trades amid improved investor risk appetite (VIX fear gauge eased 4.66% to 12.06) as U.S. stocks rose overnight (S&P 500 closed up 0.22% at 1,941.99). But risk sentiment are dented by the larger-than-expected 6.5% drop in the U.S. May housing starts (versus -3.7% forecast) and 6.4% decrease in U.S. May building permits (versus -1.9% forecast). USD/JPY gains are also tempered by the Japan exporter sales.

Technical comment:

Daily chart is mixed as MACD is bearish, but stochastics is turned bullish.

Trading recommendation:
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 far as the price is above its pivot point, a long position is recommended with the first target at 102.40 and the second target at 102.65. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.75. A breach of this target will push the pair further downwards and one may expect the second target at 101.55. The pivot point is at 101.90.

Resistance levels:

102.40

102.65

102.80

Support levels:

101.75

101.55

101.45

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Technical analysis of USD/CHF for June 18, 2014 Trend News

Overview:

USD/CHF is expected to consolidate as markets await the Federal Reserve interest rate announcement. It is supported by the positive USD sentiment, lower-than-expected Switzerland May import price index (came in -0.8% on-year versus -0.6% forecast) and dovish Swiss National Bank's monetary policy stance. But USD/CHF upside is limited by the franc demand on buoyant CHF/JPY cross and caution before SNB's interest rate announcement on Thursday. Daily chart is mixed as MACD and stochastics are in bearish mode, but five-day moving average is meandering sideways above advancing 15-day MA.

Trading recommendation:

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 0.8955. A breach of this target will move the pair further downwards to 0.8940. The pivot point stands at 0.90. In case the price moves in the opposite direction and bounces back from the support level, and then it 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 0.9015 and the second target at 0.9035.

Resistance levels:

0.9015

0.9035

0.9060

Support levels:

0.8955

0.8940

0.89

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Technical analysis of NZD/USD for June 18, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias as markets await the Federal Reserve interest rate announcement. NZD/USD is undermined by the positive USD sentiment. But NZD/USD losses are tempered by the improved investor risk appetite, hawkish Reserve Bank of New Zealand's monetary policy stance and Kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing, but stochastics is turning bearish at overbought zone.

Trading recommendation:
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 far as the price is above its pivot point, a long position is recommended with the first target at 0.87 and the second target at 0.8745. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.86. A breach of this target will push the pair further downwards and one may expect the second target at 0.8560. The pivot point is at 0.8635.

Resistance levels:

0.87

0.8745

0.8780

Support levels:

0.86

0.8560

0.85

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Technical analysis of GBPJPY for June 18, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate in a higher range as markets await the Federal Reserve interest rate announcement. It is supported by the improved investor risk appetite and demand from the Japanese importers. But GBP/JPY gains are tempered by Japan's exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone.

Trading recommendation:
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 172.55. A breach of this target will move the pair further downwards to 171.85. The pivot point stands at 17.80. In case the price moves in the opposite direction and bounces back from the support level, and then it 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 174.25 and the second target at 174.85.

Resistance levels:

174.26

174.85

175.35

Support levels:

172.55

171.85

171.15

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Daily analysis of Silver for June 18, 2014 Trend News

Overview

From the today's H4 chart, the metal failed to break the Support level of 19.50 to bounce again from it and trades between this Support level and below the Resistance level 19.90. Currently, the metal is most likely re-testing the Resistance level of 19.90 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, so this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 20.20, then the second target 20.50 after breaking this Support level. But as long as silver is trading below 19.90 so waiting would be preferred in that case and cancels the bullish move scenario.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.90), S1 (19.50), S2 (19.20), S3(19.00)

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Daily analysis of GBP/JPY for June 18, 2014 Trend News

Overview

According to today's H4 chart, yesterday's closing below the resistance level of 173.50 gave the price an opportunity to make a bearish move after it failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 172.75. In that case, we may get another opportunity for more sell signals which will open the way towards 172.00 as the first target. Then the price should test the support level of 172.00 to continue its bearish move. But as long as the price stabilizes above the support level of 172.75, this cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.75), S2 (172.00), S3 (171.50).

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USD/CAD intraday technical levels and trading recommendations for June 18, 2014 Trend News

Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.

The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where significant bearish pressure was previously applied on March 21.

The USD/CAD pair found temporary resistance around 1.0910-1.0950 that was able to pause the ongoing bullish momentum.

As expected, a bearish corrective movement took place towards 1.0875-1.0800 ( depicted on the 4H chart ) to collect more buyers to allow a bullish breakout above 1.0950 to take place.

Bullish recovery can be seen around 1.0800 which is manifested in a "double-bottom" pattern being established on the 4H chart.

4H fixation above 1.0875 confirms the pattern exposing price levels around 1.0950 shortly after.

The pair remains trapped within the current congestion zone untill breakout occurs in either direction probably towards the bullish side as mentioned above.

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