Intraday technical levels and trading recommendations for EUR/USD for April 4, 2014 Trend News

Daily fixation below 1.3870 gathered enough bearish pressure to push towards the recent demand zone around 1.3700-1.3730.

Thus, the EUR/USD pair established a new supply level at 1.3845. It rejected the bulls on March 24 strongly so any further visits should be considered for selling.

At the end of the previous week, there has been an intraday demand level expressed at 1.3700 which paused the recent slide off 1.3965.

The price level of 1.3820 corresponds to previous significant tops. Bearish rejection was expressed within yesterday's candlestick. That's why, moving below 1.3820 applies further bearish pressure on 1.3700 to get broken this time and vice is verse.

The price zone of 1.3830-1.3850 remains a significant supply zone. It provided a valid sell entry at the previous retesting on March 24.

On the other hand, as expected, failure to fix above 1.3790 exposed the recent low established at 1.3700 to be retested again which is taking place today.

Four-hour candlestick fixation below which opens the way towards lower lows to be visited at 1.3655 ( Fibonacci Expansion 100% ) and 1.3580.

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#USDX Technical analysis for April 4, 2014 Trend News

The Dollar index has broken short-term resistance at 80.40 and is moving higher towards our first target of 80.70. EURUSD is the major component of the Dollar index has failed to break resistance and was pushed lower after ECB Draghi comments. Now currently trading above critical support of 1.37, if it breaks lower then we should also expect the Dollar index to continue higher towards major resistance at 81-81.30.

The short-term trend has changed from neutral to bullish once again. The Dollar index yesterday was holding above support and above the Ichimoku cloud. We now find short-term support at 80.30-15. Short-term resistance is now found at 80.70.

The daily chart has broken the downward sloping trend line and is now trying to also break above the Ichimoku cloud. On a daily basis, if the price closes above 80.55, this will be very good for bulls as this will confirm that the trend is up and bulls are in control. Next big resistance is 81-81.40. We remain positive but as long as the index trades above 80 and we also look at the EURUSD pair in case it reverses upwards and breaks above 1.3820, this will be very bad for Dollar bulls.

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USD/CAD intraday technical levels and trading recommendations for April 4, 2014 Trend News

The previous congestion zone around 1.0900 provided a considerable support at retesting on February 19 which led again towards 1.1190 where the USD/CAD pair established a consolidation zone between 1.0960 and 1.1190.

The depicted chart shows that the USD/CAD bulls didn't apply enough bullish momentum above 1.1200. As expected, this exposed price zone of 1.1000-1.1020 as a sign of bearish domination.

In case the current support doesn't hold price above, the next support zone to meet the pair is located at 1.0920-1.0840 which comes to meet significant Fibonacci levels of the recent bullish swing.

It's expected to provide a considerable bullish pressure.

On the other hand, the price zone of 1.1130-1.1150 is expected to provide a considerable resistance as well. This price zone corresponds to the previous tops established on March 12, February 21, and January 30. Any further visiting will probably offer a valid sell entry with stop loss located just above 1.1185.

The pair remains trapped between the price levels of 1.1000 and 1.1150 within the depicted triangle until breakout takes place in either direction.

Bearish breakout of the lower limit of the triangle is more likely to occur.

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EUR/AUD intraday technical levels and trading recommendations for April 4, 2014 Trend News

Since February 4, the EUR/AUD pair has been moving sideways with a slightly bullish tendency. This movement was maintained above the depicted uptrend line.

On March 12, the bulls failed to establish an ascending top. Instead, a double-top reversal pattern was established at 1.5500. The neckline was located at 1.5200-1.5170.

Success of the Double Top pattern not only achieved its projection target at 1.4820-1.4800, but confirmed a bigger Head and Shoulders pattern as well.

The bears managed to break down 1.4950 corresponding to 50% Fibonacci level last week (the nearest Support level). This exposes price level of 1.4750 ( 61.8% Fibonacci ) to be tested shortly after.

On Friday, the pair dipped at 1.4785 when bullish recovery took place to push again towards 1.4950-1.4990 (also previous prominent bottom is located there).

Price zone of 1.4950-1.4990 should keep price below in order to pursue the ongoing bearish momentum. Otherwise, sideway consolidations may be prolonged.

On the long-term prospective, projection targets of the H&S reversal pattern are projected towards 1.4350 roughly.

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Gold technical analysis for April 4, 2014 Trend News

Gold price as expected by our analysis posted yesterday made a pullback towards $1,280 without breaking its previous low and by retracing nearly 76.4% of the rise from $1,275 to $1,295. Gold price has back tested the broken downward sloping channel and is now trying to move back above the Ichimoku cloud to regain bullish momentum. Currently, at $1,289, Gold price should break above short-term resistance at $1,295 in order to continue its upward reversal that started at $1,275.

It is important for Gold price to hold above $1,283 and continue above $1,295 for our short-term bullish view to get confirmed towards our target of $1,350. The short-term view is bullish as we expect the decline from $1,391 to be retraced partially and to provide a good sell opportunity for our longer-term target of $1,100.

Our longer-term view is depicted in the chart above. I expect a pull back towards $1,330-50 and then another move down to test $1,1180. Current view is short-term bullish with $1,275 stop and target to take profits near $1,330-50.

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Elliott wave analysis of EUR/NZD for April 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6086

R2: 1.6068

R1: 1.6046

Current spot: 1.6024

S1: 1.6011

S2: 1.5987

S3: 1.5936

Technical summary:

The decline from the 1.6180 high does have impulsive structure, which indicates that red wave v lower is developing. However, a break below support at 1.5972 is needed to confirm that red wave v is well under way towards its ideal target near 1.5530. In the short term, we are looking for minor resistance at 1.6046 to protect the upside for a move lower towards at least 1.5987 and more likely even lower towards 1.5936 before a more serious correction should be expected.

Trading recommendation:

Stay short in EUR from 1.6175 and move your stop lower to 1.6075. If you are not short in EUR yet, then sell near 1.6046 with the same stop at 1.6075.

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Elliott wave analysis of EUR/JPY for April 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.65

R2: 142.55

R1: 142.46

Current spot: 142.38

S1: 142.17

S2: 142.03

S3: 141.90

Technical summary:

It is now possible to count the first small five wave decline of the 143.47, which is the first good indication that wave ii is finally over. As possible targets for this first small five wave decline, we will be looking for 142.17 and 141.90. A clear break below 142.17 would call for a move closer to 141.90, before we should look for a three wave correction towards 142.69 and maybe 142.87 as a small wave two. In the longer term we are looking for the powerful wave iii lower towards at least 138.06 and possibly even lower towards 135.78.

Trading recommendation:

Stay short from 142.35 with your stop placed at 143.80. If you are not short in EUR yet, then sell at 142.69 with the same stop at 143.80.

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