Daily analysis of GBP/USD for June 30, 2014 Trend News

Daily chart: The GBP/USD is kept moving at a low range above the support level of 1.7000. For now, the bullish outlook remains valid because this pair is forming a lower high pattern above that support level, so the next target for the GBP/USD would be the resistance level of 1.7169. The MACD indicator is entering neutral territory.

H4 chart: The GBP/USD is trying to stay above the 1.6995 level, because this pair has moved in sideways below the resistance level of 1.7062. However, if the GBP/USD manages to make a breakout in the support level of 1.6995, it's expected to fall to the level of 1.6920. The MACD indicator is in positive territory.

H1 chart: This pair has found support on the point of control, which is close to the level of 1.7020, so now, it is very likely that the GBP/USD rises to the resistance level of 1.7050. If the pair manages to consolidate above this level, it would be expected to rise to the level of 1.7100. MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.7050, take profit is at 1.7100, and stop loss is at 1.7000.

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Intraday technical levels and trading recommendations on GBP/USD for June 27, 2014 Trend News

Successive bottoms around 1.6465, 1.6555 and 1.6665 (corresponding to the depicted uptrend line) held price above and provided enough buying pressure to keep pushing higher.

However, In May, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this previous breakout lost its bullish momentum showing successive lower highs that temporarily managed to breakdown the depicted uptrend line.

Again the GBP/USD pair showed bullish recovery around 1.6690 which was followed by strong bullish pressure being applied to push above 1.7000 (prominent top established on May 6).

If the bears keep pushing lower preventing any bullish breakout above 1.7000, the pair will have obvious targets around 1.6900 initially.

Note that the Friday's candlestick came as a "bearish engulfing" followed by the Monday's candlestick which topped at 1.7050 where significant bearish pressure was applied to push lower.

These bearish signals enhance the bearish side of the market at such prominent SUPPLY levels. However, yesterday's candlestick was controversial so today's candlestick closure should be assessed for this scenario.

The bulls managed to re-fixate above the previously broken uptrend line. Moreover, they are challenging the recent top around 1.7020 - 1.7040.

The fact that the bears managed to maintain the 4H fixation below 1.6970 - 1.7000 ( lower limit of the depicted channel ) suggests a bearish move towards 1.6870 - 1.6830 where 61.8% and 50% Fibonacci Levels are located.

A possibility of upcoming change of short-term trend remains intact. Price level 1.6970 should be watched for price action at retesting.

On the other hand, bullish fixation above 1.7000 will enhance the bullish channel scenario, thus enabling the bulls to reach 1.7090 and probably 1.7130 before bearish correction takes place.

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Intraday technical levels and trading recommendations on GBP/JPY for June 27, 2014 Trend News

Recent bottoms were established around 169.55 and 171.05 (corresponding to the lower limit of the depicted bullish channel).

These bottoms prevented further bearish decline each time the pair visited them and provided enough buying pressure to keep pushing higher.

On Friday, the bulls have reached the upper limit of the depicted channel located roughly at 174.60 where bearish pressure was expressed obviously.

Signs of bearish recovery are quite manifested on the 4H chart. That's why, the GBP/JPY pair remains bearish as long as the recent high around 174.00 remains defended by the bears.

The bears need to keep their 4H closure below 173.30 in order to pursue towards further bearish targets.

Demand zone located around 173.45 was successfully breached with such bearish 4H candlestick closures, while the pair has the next demand level around 172.40 where previous broken-tops are located.

Note the bullish pressure expressed at 172.40 earlier today when the bears challenged yesterday's low around 172.70. Prominent bullish rejection is manifest on the chart so SELLERS should be conservative with their targets. However, if the bears manage to breakdown zone between 172.20 - 172.40, sellers should extend their targets towards 171.80 where the key-demand zone of the current swing is located.

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USD/CAD intraday technical levels and trading recommendations for June 27, 2014 Trend News

Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel, which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.

The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where significant bearish pressure was previously applied on March 21.

The USD/CAD pair found solid resistance around 1.0910-1.0950 that was able to pursue the ongoing bearish momentum.

The pair was trapped within the depicted congestion zone between such two important Fibonacci Levels until bearish breakout turned to the bearish side.

Bearish projection targets were located around 1.0725 and 1.0685 (the lower limit of the ongoing bearish channel ). Both targets got visited shortly after as expected.

Bullish price action will probably originate at retesting of 1.0685-1.0660 which is the origin of the previous bullish impulse initiated in December 2013.

That's why, the price action should be watched for a possible BUY entry at retesting.

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EUR/AUD intraday technical levels and trading recommendations for June 27, 2014 Trend News

By breaking down the price level of 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but it also confirmed a bigger Head and Shoulders pattern.

The bears managed to break down to 1.4950, then 1.4750 corresponding to 50% and 61.8% Fibonacci levels, respectively.

Previously, a bullish pullback was initiated off 1.4670 ( around 61.8% Fibonacci ). Two bullish spikes above 1.4950 (50% Fibonacci level on the daily chart) took place. However, the bulls failed to pursue the bullish breakout leading to failure of the bullish breakout attempt.

Moreover, Intraday support zone around 1.4750-1.4660 failed to provide enough support for the pair. Instead, bearish breakdown took place pushing towards 1.4500 then 1.4400.

Since then, the EUR/AUD pair has been moving within the depicted RED channel in an attempt to reach the lower limit located roughly around 1.4320.

On the other hand, as expected, the price zone around 1.4375-1.4420 showed bullish recovery which took place last week after such a strong bearish move.

Note that the failure of the bulls to provide enough buying pressure to pause the ongoing bearish momentum at the current levels will probably expose 1.4300 for retesting.

Moreover, there's a possible double-bottom reversal pattern being expressed on the 4H chart. Reversal confirmation needs 4H fixation above 1.4550 ( outside the bearish channel as well ). This exposes price levels around 1.4650 initially.

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GBP/USD intraday technical levels and trading recommendations for June 27, 2014 Trend News

Bullish breakout above the depicted bearish channel took place exposing price levels around 1.6985 as a projection target.

Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000.

The GBP/USD bulls are now challenging Psychological resistance around 1.7000 which took place before on May 6 when extensive bearish pressure was applied.

Note the daily candlestick of Thursday when the bulls managed to close above 1.7000.

This threatened the bearish trend of the market. However, the bulls are not showing enough bullish follow-through at such important levels.

A bearish corrective movement is not excluded to occur towards 1.6830-1.6860 provided that the support key-level around 1.7000 gets broken-down again by significant bearish pressure.

Bullish pressure was applied at retesting of the uptrend line depicted on the 4H chart. However, we should mention that the current movement may be transition to a sideways or maybe bearish correction as long as the last top around 1.7065 remains unbroken.

Price levels of 1.6860 constitutes a significant support level to meet the pair on its way downwards.

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Daily analysis of silver for June 26, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal failed again to break the support level of 20.90 and is still trading between the support level and below the resistance level of 21.20. Currently, it is bouncing from the support level and starting for the bullish move. So we still suggest waiting for closing above the resistance level of 21.20 in case of bouncing from the support level in order to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 21.50. Then after breaking this resistance level, silver would open the way towards the resistance level of 21.75, which means more bullish signals, but as long as the metal trades below the resistance level of 21.20 this cancels the bullish scenario.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50)

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