Technical analysis of EUR/JPY for June 26, 2014 Trend News

General overview for 26/06/2014 08:10 CET

As I have mentioned yesterday, the corrective wave b purple of (b) blue might get more complex and time consuming as the market is still testing the intraday resistance at the level of 138.91. Please note that this area has been touched five times already and now it is crucial for the market to decide if it wants to break out higher or fall down. First indication of the bearish wave development comes with weekly pivot breakout and then with intraday support breakout also. Any breakout higher to the bullish zone will be targeting the levels of 139.36 and 139.71.

Support/Resistance:

137.34 - WS2

137.70 - Technical Support

138.18 - WS1

139.36 - WR1

139.71 - WR2

138.27 - Intraday Support

138.53 - Weekly Pivot

138.91 - Intraday Resistance

Trading recommendations:

Due to the very narrow price action, we still have sell stop positions opened two days ago that have the SL above the level of 138.88 and any breakout higher should be considered to be bullish and buy positions should be open with TP at the level of 139.36 and 139.71.

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Technical analysis of USD/CAD for June 26, 2014 Trend News

General overview for 26/06/2014 08:00 CET

The intraday resistance level has been rejected by the market at the level of 1.0751 and the bullish zone has not been tested yet. After the reverse, the price went down to the very bottom of the neutral range zone and now is trying to break out below the intraday support at the level of 1.0716. In case the breakout is sustained, the next support is at the level of 1.0687, but the building bullish divergence on the hourly chart is indicating that the downside momentum is decreasing and some upside reaction is expected soon.

Support/Resistance:

1.0687 - WS1

1.0716 - Intraday Support

1.0715 - Technical Support

1.0752 - Intraday Resistance

1.0790 - Weekly Pivot

1.0804 - Technical Resistance

Trading recommendations:

The intraday resistance level has not been broken yesterday, so the buy stop positions recommended yesterday should not be open and traders should wait for the price to get to this level to open this orders. More aggressive traders might start to open some short orders from the current price levels with TP at the level of 1.0687 and SL above the level of 1.0725. Please bear in mind that the overall bias is more bullish than bearish however.

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Technical analysis of GBP/USD for June 26, 2014 Trend News

The cable started its downward journey making lower lows and lower highs. Traders withdraw their bets on the interest rate hike. The pair made a minor top at 1.7063 and the near support at 1.6920 levels. If the cable breaks the support, we can see some selling pressure for 1.6860 levels (50-day Sma). We can see some kind of direction only above 1.7063 or below 1.6920 levels. If the cable breaches 1.7063 (previous high), we can again see a new high at 1.71, 1.74 levels. The daily momentum oscillators are indicating a selling side.

For an intraday purpose, the cable is trading below the hourly moving averages. We can see a good up move only above 1.7006 for 1.7074, 1.7013, 1.7032, 1.7050 and 1.7060. On the down side, 1.6950 is an intraday key level, below this, we can see some selling pressure up to 1.6920, 1.69 and 1.6880 levels.

Buy above 1.7006.

Sell below 1.6950, panic is below 1.6920.

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Technical analysis of gold for June 26, 2014 Trend News

In yesterday's session the metal took support at 200-day Ema at $1,309.50 levels, it pulled back to a resistance level at $1,325 levels. In Asia's session the metal is trading at $1,316.50 levels, trading below resistance levels at $1,325 and $1,321.50. Initially the metal has support at $1,315, below this, we can see some profit booking up to $1,310, $1,306, $1,303, $1,299, $1,286, and $1,283 levels. We can see huge selling pressure below $1,309-$1,306 levels. On the upside, it has resistance at $1,321.50, $1,325 levels, above this, we can see the next round of buying up to $1,327.50, $1,330.50, $1,334.60, $1,342. We can expect safe buy only above $1,330.70 levels. The daily momentum indicators favor selling on the rallies. The unwinding action takes place below $1,309.50 for $1,306, $1,303, $1,299 levels. The bears will take the metal completely into their hands aiming at $1,283 levels.

Intraday-

For an intraday view, the metal is trading below the hourly moving averages. The unwinding action takes place below $1,309.50 for $1,306, $1,303, $1,299 levels. The bears will take the metal completely into their hands aiming at $1,283 levels. If the metal trades below the $1,315 level, we can see a bit down fall up to $1,310. If it breaches above $1,319.50, we can see some up move towards $1,323 and $1,325 levels. Above $1,325, we can see some fresh buying for $1,327.50 and $1,330-$1,334 levels.

Positional -Sell on the rise.

Intraday - cmp $1,316.50.

Sell below $1,315, add more below $1,309.

Buy above $1,319.50, add more above $1,325.

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Technical analysis of Silver for June 26, 2014 Trend News

Technical outlook and chart setups:

1. Silver is seen to be following an intermediary resistance line over Oct 30, 2014 and Feb 2014 highs as seen here. A bearish reversal here could bring down prices to at least $19.50/60 levels if not lower. Possibility still remains that Silver breaks below $18.00 levels.

2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.

3. The structure indicates that Silver needs at least to correct. towards $19.50/60 levels before rallying.

Trading recommendations:

Initiate short positions now, stop at 21.50, target is open.

Good luck!

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Short-term forecast and intraday recommendations on USD/JPY for June 26, 2014 Trend News

USD/JPY

The dollar slipped to a one-month low against a basket of major currencies. The US data generates a negative wave in the market. On the other hand, the Yen is supported by geopolitical concerns. The pair opened on a bearish note, higher at 101.87 and started moving lower. As of now, in Asia's session, it made a low at 101.78 levels. In yesterday's session the pair took support exactly at 200-day Sma (101.63). For today's session the pair has support at 101.60 levels. Breaks below this, we can see some selling pressure up to 101.36, 101.20 and 101.10. The bulls last hope level is between 101 (200-day Ema) and 100.83 (May 21 low). In an extreme bearish case, if the pair hits 100.75, we can see 99.60-99.40 levels in the short term.

On an intraday upside, we can see strong momentum only above 101.87 levels for 102 levels immediately, and later we can see 102.20-102.30 levels and lower side, we can see some correction below 101.63 for 101.33-101.20 and 101 levels. We are completely bearish only below 100.75 for the short term.

Short term- Buy between 101.10-100.83 with sl 100.75.

Sell below 100.75 for a target at 99.60-99.40.

Intraday- Cmp 101.83.

Buy above 101.87 for targets at 102, 102.20 and 102.30 levels.

Sell below 101.60 for targets at 101.30, 101.20 and 101 levels.

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Technical analysis of EUR/JPY for June 26, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY is stalling around 139.00 levels at the moment, which is also fibonacci 0.50 resistance as seen here. A push above 139.00 here, would test the 139.30/40 levels which is fibonacci 0.618 resistance and trend line confluence.

2. Support is around 137.70/75, followed by 136.50, 134.00 and lower, while resistance is at 139.30/40, followed by 140.00, 141.00 and higher up respectively.

3. The structure indicates that EUR/JPY should be in control of bears until prices remain below 140.00.

Trading recommendations:

Remain flat for now. Look to sell the rally around 139.20/30.

Good luck!

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