Daily analysis of USDX for May 15, 2014 Trend News

Daily chart: The USDX has found resistance at the 80.11 level and in that area, the USDX has formed a fractal. The USDX could fall to the level of 79.85, where the USDX could perform a bullish rebound. However, if the USDX does make a breakout at the support level of 79.65, it's expected to fall to the level of 79.19. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to stay above the 200 SMA with the formation of a bullish pattern. If the USDX does make a breakout on the resistance level of 80.15, it would be expected to rise to the level of 80.35, which would be a bullish consolidation. The MACD indicator is in negative territory .

H1 chart: The USDX continues moving in a low range above the support level of 79.88, so the USDX has high chances of staying in sideways movement for the rest of the week. However, if the USDX does make a breakout on the resistance level of 80.15, it's expected to rise to the level of 80.35. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.15, take profit is at 80.35, and stop loss is at 79.95.

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Daily analysis of GBP/USD for May 15, 2014 Trend News

Daily chart: The GBP/USD had a very sharp drop below the resistance level of 1.6851 to the 1.6766 level, where it is likely that this pair will begin to form a bearish pattern. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6720, where one bullish trend line is. The MACD indicator is in negative territory.

H4 chart: This pair is forming a higher low pattern below the 200 SMA and the resistance level of 1.6785. If GBP/USD manages to make a breakout at the support level of 1.6762, it's expected to fall to the level of 1.6683. On the other hand, it's expected to rise to the level of 1.6822 if the pair takes a bullish rebound to the current levels. The MACD indicator is in negative territory.

H1 chart: The GBPUSD found resistance at the 1.6850 level and now this pair is trying to make a breakout at the point of control that is formed near the support level of 1.6750. If successful, it is expected to fall to the level of 1.6700, which would strengthen the bearish bias. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.

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Technical analysis of USD/CHF for May 15, 2014 Trend News

The pair has been trading in an uptrend from 0.8703 levels. It is facing resistance at 0.8952 previous swing high and 0.8993 levels (200daily EMA). Until the pair crosses these resistance levels, it will come on sell on a rise strategy. On the downside, the initial support exists at 0.8862, 0.8817 is the strong support level and 0.8792 will act as temporary support.

The pair is consolidating between 0.8909-0.8882 levels. It is in a distribution phase ready for a downside journey up to 0.8827-0.8820 levels. In Asia's trading session the pair is trading at 0.8893. The hourly momentum indicators favors the sell side. Once the pair breaks below the 0.8882, traders can enter short positions for 0.8860, 0.8838 and 0.8820 levels.

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Technical analysis of USD/JPY for May 15, 2014 Trend News

The Japan prelim GBP for the first quarter came very notable at 1.5%. USD/JPY is holding the support level at 101.4, a May 07 low. On the upside, it is facing resistance at 102.36 (50daily SMA). For the last two days it has been making lower lows and lower highs. The pair is in a safe zone until it trades above the 101.40 levels. If it breaks, then it will drift all the way towards 100.60 levels, below this, next major fall to 98.4 and 97 levels is expected. USD/JPY broke the weekly support trend line last week and closed below it. Traders can go short below 101.33 for 101.2 and 100.75 levels. If the previous low of 101.40 holds , it can fly up to 102.30 and 120.75 levels.

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Technical analysis of EUR/USD for May 15, 2014 Trend News

In the euro zone, the industrial production was down by 0.3% in March led by a trip in energy production. EUR/USD looks stronger in technical aspects than in fundamental ones. It has been trading in a downtrend from 1.40 levels, making lower lows and lower highs. In yesterday's trading session, the pair paused its downtrend making a higher low. We recommended to buy this pair at 1.3703 levels and still we are recommending the same strategy.

Currently, the pair is in a range between 1.3774-1.3689 (Tuesday's high and low). On the down side, the pair has support at 1.37 and 1.367. The crucial game changer level exists at 1.3616 (200daily EMA) and 1.36 levels. The daily momentum oscillators favors the buy side, our view is supported by the RSI and Stochastics on a positional basis. With the support of the technical aspects, it promises the limited downfall if negative news hits the pair, and it will bounce immediately. The pair looks weak below 1.367 for 1.3643, 1.3616 and 1.36 as an immediate targets. On a closing basis, if the pair closes below the 1.367 levels, the shorter-term bear bells will start for second round selling for a deeper correction.

Intraday-

In Asia's trading session the pair is trading at 1.3717 facing resistance at 1.3755 and 1.3775. The hourly momentum indicators favor a pullback from the oversold levels. The pair is trading between 1.3730-1.3703 levels. Once it breaks to the up side, it will extend it's up move up to 1.3755, 1.3768 and 1.3775 levels immediately, later 1.38 and 1.3825 are on the cards.

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Daily analysis of major pairs for May 15, 2014 Trend News

EUR/USD: This pair is going in an exactly opposite movement with USD/CHF. Having dropped by around 40 pips so far this week, the support line at 1.3700 is challenging the bearish move. The support line must be broken to the downside so that the bearish trend can continue.

USD/CHF: On the USD/CHF, the resistance level at 0.8900 is currently under siege. It has been tested for several times, and it must be breached to the upside, for the uptrend to continue. Should the price succeed in breaking the resistance level to the upside, the next price target would be the resistance level at 0.8950. Moreover, the economic figures coming out today would have an impact on the market.

GBP/USD: There is a clean Bearish Confirmation Pattern on the cable. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. The price is even below the two EMAs, going towards the accumulation territory at 1.6750. This is an easy target for the bears.

USD/JPY: This currency trading instrument has gone bearish and only short trades are recommended now. The indication in the chart is testifying to the current weakness in the price. It is thus possible that the price would reach the demand level at 101.50, although a big barrier to further southward move is present at that demand level.

EUR/JPY: This market has succeeded in breaking the supply zone at 140.00 to the downside. The demand zone at 139.50 has been tested; plus the shallow rally that occurs would allow another short-selling opportunity.

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Technical analysis of GBP/USD for May 15, 2014 Trend News

GBP/USD

A series of the UK economic data was released yesterday. The unemployment rate fell to a 5-year low. The rate fell from 6.9% to 6.8%, exactly what we estimated. The BoE clarifies regarding the interest rates they are not in a hurry to raise the interest rates. We expect the performance of the UK will become stronger in the future as well as the recent performance. In yesterday's session, the cable was beaten to a 3-week low after the rate hike hearsay.

The pair takes support at the lower trend line on the weekly chart, it's a good sign to pull back from the oversold levels. The yesterday's low was very crucial for the rest of the week. Bulls need to hold this low, if not it will drift up to 1.666 levels.

The cable is trading in a bearish zone, it has been making lower lows and lower highs for the last 6 days. The near strong support exists at 1.672 (50daily SMA) on the down side. The bulls need to hold this level on a closing basis, if not, they will give up for 1.666 levels. On the up side, 1.6874 is the initial resistance to cross. The daily RSI indicates still selling on rallies.

Intraday-

In Asia's trading session the pair is trading at 1.6767 levels. The hourly momentum indicators still favors pullback side from the oversold levels. It looks a safe buy at the 1.672 levels. On the down side, the pair has strong technical support at 1.672 levels. On the up side, it has strong resistance at 1.6795, above this, 1.6835, 1.6858 and 1.6883 levels. Traders can start buying at 1.6740 levels up to 1.672 and hold patiently with sl 1.672 on a closing basis. Trading above the 1.6763 is good on an hourly basis.

Recommendations- cmp 1.6767.

Risky traders, buy at cmp 1.6767 with targets at 1.6795, 1.6828, 1.6850,1.6864 and 1.6883.

Safe traders please wait for 1.674 levels or buy above 1.68 levels.

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