Daily analysis of Silver for September 03, 2014 Trend News

Overview

As shown on today's H4 chart, the metal failed to break the support level of 19.00 and is still trading between the support level and below the resistance level of 19.20. Currently, it is bouncing from the support level and is preparing for the bullish move. So, we still suggest waiting for closing above the resistance level of 19.20 to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 19.50. Then, after breaking this resistance level silver would open the way towards the new resistance level of 19.75, which means more bullish signals. But as long as the metal trades below the resistance level of 19.20, this cancels the bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3 (18.50).

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Daily analysis of GBP/JPY for September 03, 2014 Trend News

According to the today's H4 chart, yesterday's closing below the resistance level of 173.30 provided an opportunity to make a bearish move after the price failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching the support level of 172.60. In that case, we might get another opportunity for more sell signals which will open the way towards the level of 172.00 as the first target. Then, the price should test the support level to keep its bearish move. But as long as the price stabilizes above the support level of 172.60, it cancels the first scenario.

Resistance and support levels: R3 (174.40), R2(173.80), R1(173.30), S1 (172.60), S2 (172.00), S3(171.50).

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Technical analysis of USD/CAD for September 3, 2014 Trend News

General overview for 03/09/2014 10:50 CET

The technical resistance level has been broken but the market failed to rally after making this move and now is quite possible that the alternate count might be in play. The most important level currently is the intraday support at the level of 1.0876 because breakout below this level would mean, that the top for the wave B green is in place and market needs to make one more wave lower to complete overall corrective cycle. The projected target levels are still the same at the level of 1.0745 - 1.0726.

Support/Resistance:

1.0995 - Swing High

1.0940 - Intraday Resistance

1.0876 - Intraday Support | Invalidation Level|

1.0809 - Wave 2 Green Low

1.0745 - 1.0726 - Projected Target Zone For Wave C Green

Trading recommendations:

Short orders should be in play only if the level of 1.0876 is violated. SL would be at the level of 1.0940 and TP at the level of 1.0745.

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Elliott wave analysis of EUR/NZD for September 03, 2014 Trend News

Today's support and resistance levels:

R3: 1.5891

R2: 1.5864

R2: 1.5833

Current spot: 1.5794

S1: 1.5778

S2: 1.5761

S2: 1.5740

Technical summary:

The strong rally from the wave 2 low at 1.5646 is clearly impulsive in character and indicates, that much more upside will be seen in the coming weeks. In the short term, we expect support at 1.5761 to protect the downside for a break above 1.5833 confirming the next strong rally above 1.5899 higher towards the next major target at 1.6203 and beyond. A break above 1.5899 will be a strong long-term buying signal.

Trading recommendation:

We are long in EUR from 1.5725 and will keep our stop at 1.5640 for now. If you are not long in EUR yet, then buy EUR near 1.5761 with the same stop at 1.5640.

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Technical analysis of GBP/USD for September 3, 2014 Trend News

Overview :

• The price of the GBP/USD pair has opened below the weekly support 1 and support 2 at the level of 1.6493. Additionally, it should be noted that the double top is going to set at 1.6506; and the market was in a downtrend three weeks ago. Therefore, the market will probably indicate a bearish opportunity at the level of 1.6510 in the long term. Also, the weekly support 1 and support 2 will act as strong resistance levels on September 3, 2014 because supports become resistances after breaking it this week. So, according to the previous events, the price is still moving between the levels of 1.6522 and 1.6433. From now on, the area below 1.6506 (below the weekly supports) looks for further downside with the first target at the 1.6446 level in order to form the double bottom and continue towards 1.6415 to test support 3 in H1 chart. Notwithstanding, the stop loss should be placed above the weekly pivot point at the price of 1.6485.

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Technical analysis of EUR/USD for September 3, 2014 Trend News

Forecast :

• According to the previous events, the price of the EUR/USD pair is going to move between the levels 1.3110 and 1.3190.


• Buy above the price of 1.3109 which represents the double bottom in the long term with the first target at 1.3161 in order to test the weekly pivot point. It might resume to 1.3190 if the trend will be able to break the weekly pivot point at 1.3161.


• The stop loss should always be in account, so it will very useful to set your stop loss below support 1 at the price of 1.3068.

Notes :

• Strong resistance will be set at the level of 1.3190.


• The double top is going to set at the 1.3220 level. Currently, the double bottom is set at the price of 1.3109.


• We expect a range of 80 pips today.


• The weekly pivot point (1.3161) represents the key level this week.


• The price hit the weekly pivot point and the support 1 last week.

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Intraday technical levels and trading recommendations on GBP/USD for September 3, 2014 Trend News

Breakdown of the DEMAND level around 1.6975 allowed a quick decline of the GBP/USD pair initially towards the price zone of 1.6800-1.6820.

While retesting the price zone of 1.6800-1.6820, a bullish pause occurred meanwhile. This corrective movement was stopped below 1.6880 when bears applied considerable bearish pressure.

Through the previous two weeks, the GBP/USD pair established a congestion zone between the price levels of 1.6660 and 1.6550.

Bullish breakout off the current steep channel was considered last week. However, extensive bearish pressure was manifested yesterday.

On the other hand, the current DEMAND level to meet the pair is located around 1.6470-1.6460 where a previous bottom was established in March.

As depicted on the chart, bearish breakout off the previous congestion zone 1.6530-1.6595 took place. Shortly after, projection target was reached around 1.6460.

The GBP/USD pair has been downtrending for almost 25 days. However, evident bearish momentum keeps pushing lower without significant bullish correction.

Price action should be watched carefully at retesting the price level of 1.6535. It's the nearest SUPPLY level to meet the pair (a broken DEMAND level). There will be a high tendency to retest it before further movements can occur.

Any bullish fixation above 1.6600 hinders the current steep trend allowing the reversal pattern to hit its projection target at 1.6670, then 1.6720.

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