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

Overview:

GBP/JPY is expected to trade with a bearish bias. It is supported by the positive risk sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales. The daily chart is positive-biased as MACD and stochastics is in a bullish mode.

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 170.55. A break of this target will move the pair further downwards to 170.20. The pivot point stands at 171.30. 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 171.75 and the second target at 172.65.

Resistance levels:

171.75

172.65

173.30



Support levels:

170.55

170.20

169.85

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EUR/NZD analysis for August 14, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price was tested at the level of 1.5711 in a volume above the average. We can observe successful rejection from our Fibonacci expansion 161.8% at the price of 1.5815, which is a sign that buying at this stage looks risky. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). I have placed Fibonacci retracement from the most recent upward leg and I got Fibonacci retracement 38.2 % at the price of 1.5710 (currently on the test). Be careful when buying this pair and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5851

R2: 1.5871

R3: 1.5902

Support levels:

S1: 1.5789

S2: 1.5769

S3: 1.5738

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

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Technical analysis of GBP/USD for August 14, 2014 Trend News

Overview :

• The first key level will set at the price of 1.6730 and the second key level will set at the 1.6771 level today. Also, it should be noted that both levels represent the weekly resistance 1 and resistance 2 respectively. Equally important, the weekly pivot point sets at the price of 1.6809. Moreover, the price of the GBP/USD pair has still been moving between 1.6657 and 1.6730. Additionally, it should be mentioned that the range will be about 58 pips today. As a further matter, the trend is very clear and indicating upward move. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.6730. As a result, buy at the price of 1.6730 with the target of 1.6657 in order to test the double bottom in H4. On the other hand, your stop loss should be placed above the weekly pivot point which sets at the 1.6809 level. Thus, it will helpful to set it at the price of 1.6833 this week.

Intraday technical levels:

Date:14/08/2014

Pair:GBP/USD

• R3: 1.6946


• R2: 1.6880


• R1: 1.6826


• PP: 1.6760


• S1: 1.6706


• S2: 1.6640


• S3: 1.6586

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Gold analysis for August 14, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the price of 1,315.00. We are still waiting for larger movement and larger volume (activity). According to the Daily time frame, we can observe another weak demand candle and successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see the level of 1,343.00 is being tested. My advice is to watch for selling opportunities after retracement. I have placed Fibonacci expansion from most recent ABC swings and I got Fibonacci expansion 100% at the price of 1,318.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,316.27

R2: 1,318.73

R3: 1,322.70

Support levels:

S1: 1,308.33

S2: 1,305.87

S3: 1,307.91

Trading recommendations: Buying Gold looks risky since we got successful rejection from our Fibonacci retracement 61.8%.

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

The daily pivot point: 1.3387

Overview :

• Due to the previous events, the price of EUR/USD pair has still been between the levels of 1.3420 and 1.3366. Therefore, it is recommended to be careful while making deals inside this area. Also, it should be noted that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel (the range will be from the level of 1.3440 and the 1.3333 level). Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend because the support has already set at the level of 1.3333. In other words, buy deals are recommended above the 1.3333 level with the first target at the level of 1.3390 to test the daily pivot point. From this point, the pair is likely to begin an ascending movement to the point of 1.3405 and further to the level of 1.3440. The level of 1.3440 will act as a strong resistance on August 14, 2014. Furthermore, it should be noted that the double top will set at the price of 1.3443. Nevertheless, if the pair fails to pass through the level of 1.3445, the market will indicate a bearish opportunity below the strong resistance level of 1.3440. In this regard, sell deals are recommended lower than the 1.3440 level in the long term with the first target at 1.3377. The pair is likely to turn downwards continuing the development of the bearish trend to the level 1.3340.

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Technical analysis of USD/CAD for August 14, 2014 Trend News

General overview for 14/08/2014 09:50 CET

The wave development of this pair is rather slow and the general outlook from yesterday hasn't been changed much as the same levels are in play here. The downside extension however might happen only if the key level is violated but otherwise the bias is bearish in the mid-term as there is unfinished red wave 5 to the upside.

Support/Resistance:

1.1011 - WR1

1.0957 - Weekly Pivot

1.0950 - Intraday Resistance

1.0928 - WS1

1.0904 - Intraday Support

1.0875 - WS2 | Wave 4 Red Target Level |

Trading recommendations:

The long positions from yesterday should still be kept open: entry was from the level of 1.0904 or the level of 1.0875, with the SL below the level of 1.0849 and TP above the level of 1.1010.

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

Today's support and resistance levels:

R3: 1.5814

R2: 1.5796

R1: 1.5778

Current spot: 1.5768

S1: 1.5758

S2. 1.5742

S3: 1.5730

Technical summary:

Wave 2 is unfolding as expected. We are looking for a decline to 1.5707 as the first target. At 1.5707, we will not find the 38.2% corrective target of the rally from 1.5398 to 1.5898, but also wave iv to some degree, which normally represents strong support. Therefore, we should expect at least a bounce from 1.5707. An unexpected clear break below 1.5707 will call for a continuation lower to 1.5598.

Trading recommendation:

We will buy EUR at 1.5715 with a stop at 1.5660.

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