Technical analysis of EUR/JPY for August 14, 2014 Trend News

General overview for 14/08/2014 09:40 CET

As anticipated yesterday, the top for the corrective structure in wave (ii) green is likely to be completed. Besides, the weekly pivot breakout to the downside is the first confirmation of this scenario. In that case, the intraday support at the level of 136.35 is the first target level. But it is very possible that this level will be broken and the market will try to test the recent green wave (i) low as the general outlook is still very bearish.

Support/Resistance:

135.71 - Swing Low

135.80 - WS1

136.35 - Target Level |Intraday Support|

136.85 - Weekly Pivot

137.10 - Intraday Resistance

137.55 - Technical Resistance

Trading recommendations:

Day traders should close the long orders opened at the beginning of the week and open short orders from the level of 136.85 with SL above the level of 137.16 and TP at the level of 136.35 with a quite possible downside extension to the level of 135.72.

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Elliott wave analysis of EUR/JPY for August 14, 2014 Trend News

Today's support and resistance levels:

R3: 137.52

R2: 137.34

R1: 137.18

Current spot: 137.13

S1: 136.85

S2: 136.75

S3: 136.60

Technical summary:

Wave iv ended just 4 small pips above our ideal target of 137.14 (the high came in at 137.18). Now, we are looking for a break below support at 136.85 to confirm that wave iv is over and lower wave v at 134.34 is developing. At 134.34, wave C will be equal in length to wave A. As we approch the ideal 134.34 target, we expect the minor swings to be more volatile.

Trading recommendation:

We sold EUR at 137.10 with our stop placed at 137.80. Upon a break below 136.85, we will move our stop lower to 137.20. If you are not short in EUR yet, then sell near 137.17 or upon a break below 136.85 with the same stops.

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Daily analysis of major pairs for August 14, 2014 Trend News

EUR/USD: The Bearish Confirmation Pattern in the chart is still valid, but the bearish movement so far this week is not as strong as the bearish movement on the GBP/USD pair. Yesterday, the market was very volatile – a result of the deadly struggle between the bull and the bear. At last, the bear succeeded in bringing down the price to conform to the bearish outlook. Further downward journey is expected from here.

USD/CHF: The bias on this pair is bullish. The EMA 11 is still above the EMA 56 and the Williams’ % Range shows the propensity to go around the overbought territory. Similar to what happened to EUR/USD, the serious battle between the bull and the bear ended up with the victory of the bull because the price action in the chart still supports the northward outlook. The price may test the resistance level at 0.9100 again.

GBP/USD: The Cable went down further yesterday, and the Bearish Confirmation Pattern in the chart is very strong right now. This week, the pair has dropped by more than 110 pips, going below the distribution territory at 1.6700. Although our target for the week has been hit, the next target is at the accumulation territory of 1.6650. More fundamental figures are coming today and they would have some impact on the markets.

USD/JPY: This pair is going upwards, as predicted yesterday. It may reach the next supply level at 103.00 This would be a great feat if it is achieved. After all, the supply level was tested two weeks ago.

EUR/JPY: The bullish attempt on this cross is getting serious enough to render the general bearish outlook invalid. When the price closes above the supply zone at 137.50, the bearish outlook would become illogical.

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#USDX Technical analysis for August 14, 2014 Trend News

The Dollar index has been very volatile yesterday. Despite the big downward spike, our important support of 81.35 by the Ichimoku cloud was held and the bullish channel was not broken either. The trend remains up and price is heading for new highs as the double top made is expected to be broken.

In the short-term price remains above the Ichimoku cloud. Support is found at 81.35. If broken, the upward move is over and we should expect a strong pull back. Resistance is found at 81.70. If broken, we should see a move towards 82. However, bulls should be very cautious as this is most probably the final stages of the upward move.

The daily trend remains bullish. Price is still inside the upward sloping channel. Yesterday, I mentioned in my analysis that a trend reversal and start of a downward move will be confirmed only if we see a daily close below and out of the upward sloping channel. Until then, the trend remains bullish. The daily support is found at 81.25 and daily resistance at 81.75. Bulls should keep their stops tight.

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Gold Wave analysis for August 14, 2014 Trend News

Gold price is still in a correction mode. There is still danger that prices might fall towards $1,300-$1,295 to complete the a-b-c correction before resuming upward move towards our medium-term target of $1,350. At $1,350 we will see how strong bulls are. Our bearish wave E of wave 4 count is still valid and a very good possibility. However, the impulsive waves from $1,240 and $1,280 open up the possibilities of bullish scenarios.

Wave c could have ended yesterday at $1,304.50 when price made a marginal new low under wave a. However, we need to see impulsive patterns in order to confirm the corrective wave is over. The bullish momentum remains strong in the short-term as long as price is above the Ichimoku cloud. As mentioned in my previous analysis, 5 waves up are followed by 3 waves down and another 5 waves up. So, I expect at least one more upward move that will give a higher high than $1,322.

The daily chart remains bullish. Price is above the Ichimoku cloud. We are currently in wave C of wave E of wave 4 or (the bullish alternative) wave 3 of the start of a new upward move from $1,180. Support is found today at $1,304. If broken, we will push towards $1,295. Resistance at $1,320 if broken we can push higher towards $1,330-45. Daily important support for bulls is the $1,270 level. Important resistance is found at $1,350-90.

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Intraday analysis of Gold for August 14, 2014 Trend News

The metal prices are closed and trading above the hourly key moving averages 21hrsma, 34hesma, and 12ema. The metal has been struggling to breach the $1,324.50 levels. Until it trades below $1,324.50 on the down side, gates open for 1,270-1,275 with an intermediate strong support at the $1,309, $1,302, 1,295, 1,285, and 1280 levels. For an hourly trading perspective, the metal looks weak only below the $1,309.50-$1,309 levels. Resistance is set at $1,3, $1,3.70 and above this at $1,314.50 and $1,318. Safe traders can sell below $1,309 with the target at $1,304.50, $1,302, and 1,296. Positional trades can sell on an upward move with sl $1,324.50. We can see a strong reversal only above $1,324.50

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Short-term trend levels and an intraday recommendation on GBP/JPY for August 14, 2014 Trend News

Short term view-

The pair made a minor bottom near the 170.72 levels. In early Asia's session, the pair made a low double bottom at 170.88, the previous low was set at the 170.87 levels. In yesterday's session, the pair was rejected at 20DSma and drifted to previous low. On the down side, if the pair hits 170.22, it will take strong support near 170.40 (20DSma). A daily closure below this turns the short trend negative. If it does happen, the bearish trend can reach the 168.65 levels.

Support 170.72 170.40 168.65

Resistance 172.13 172.35 173.10

Intraday cmp 171.10

The prices are closed and trading below the hourly key moving averages. The H4 RSI is indicating a minor positive divergence. Until the price trades below 171.37, 171.50, and 171.60, the pair will face some pressure. On the downside, it has support at the 170.88, 170.72, and 170.40 levels.

Strong buy above 171.60.

Risky traders should buy at cmp.

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