Daily analysis of Silver for April 04, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal is stabilizing above the Support level of 19.85 after its failure to break the Support it since last week. Currently, we must wait for re-testing the Support level again and closing below to get the bearish move opportunity. In that case we will get a good opportunity to sell below the Support level till testing the next Support level of 19.50. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support level of 19.85 this cancels the bearish move scenario.

Resistance and support levels: R3 (20.90), R2 (20.50), R1 (20.20), S1 (19.85), S2 (19.50), S3(19.20).

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Daily analysis of GBP/JPY for April 04, 2014 Trend News

Overview

As it was expected last week, we should wait for breaking the Resistance level of 173.00 before making the decision to continue the bullish move. Today and as shown in the H4 chart, the pair failed to break this Resistance level and yesterday it failed to break it as well to reverse its bullish move taking a slightly bearish move to approach the Support level of 172.00 as shown. Currently, we must wait for testing this Support level and breaking it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell signals till reaching the Support level of 171.50 as the first target.

Resistance and support levels: R3 (174.00), R2 (173.70), R1 (173.00), S1 (172.00), S2 (171.50), S3 (170.50).

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Technical analysis of USD/CAD for April 4, 2014 Trend News

General overview for 04/04/2014 11:05 CET

There is not much of a movement in this pair as traders are waiting for the NFP data. The market is still range bound, but there is a building bullish divergence on momentum oscillator so the upside breakout might be strong.

Support/Resistance:

1.0975 - Technical Support

1.1000 - Intraday Support

1.1076 - Intraday Resistance

1.1090 - Weekly Pivot

1.1104 - 1.1121 - Technical Resistance

1.1182 - WR1

Trading recommendations:

-for a downside breakout - Sell stop orders should be opened from the level of 1.0999 with SL above the level of 1.1040 and TP at the level of 1.0936 with a possible downside extension.

-for an upside breakout - Buy stop orders should be opened from the level of 1.1151 with SL below the level of 1.1000 and TP at the level of 1.1104 with a possible upside extension to the levels of 1.1121 and 1.1182.

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

General overview for 04/04/2014 10.50 CET

There is not much of the downside pressure so far, but it still looks promising to break through the technical support zone at the level of 141.96. If this level is broken, then weekly pivot at the level of 141.22 will be tested next. On the other hand, the key level to the upside is intraday resistance at the level of 142.65. A breakout higher would put recent swing high at the level of 143.47 to the test and even a possible breakout. Nevertheless, the current bias is bearish and more downside is being expected in this pair.

Support/Resistance:

143.78 - Techncial Resistance

143.47 - Swing High

143.12 - WR2

142.65 - Key Level

142.47 - WR1

142.29 - Intraday Support

141.96 - Technical Support

141.22 - Weekly Pivot

Trading recommendations:

Swing/Position traders should keep the sell orders opened and keep an eye on the level of 141.96 as this level opens the gate to the even lowers levels.

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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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