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

Today's support and resistance levels:

R3: 138.44

R2: 138.11

R1: 138.11

Current spot: 137.88

S1: 137.72

S2: 137.50

S3: 137.25

Technical summary:

We saw a rally to 138.00, just below the ideal target of 138.05, but that should be enough to achieve the target. Now, we will be looking for a break below support at 137.72 and more importantly below support at 137.50. That will confirm that red wave iv ended at 138.00 and red wave v lower towards 135.49 is developing. That said, as long as support at 137.50 protects the downside we could still see one final spike to 138.05, but we will not bet on that outcome.

Trading recommendation:

We sold EUR at 138.00 with stop placed at 138.25. If you are not short in EUR yet, then sell near 138.00 or upon a break below 137.72 with the same stop at 138.25.

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Daily analysis of Silver for August 04, 2014 Trend News

Overview

In the today's H4 chart, silver is still stabilizing above the Support level of 20.20 after it could not break it last week. Currently, it is bouncing from it towards the Resistance level of 20.50. So, we still suggest waiting for closing above the next Resistance level in case of bouncing from the Support level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 20.70. After breaking this Resistance level, silver would open the way towards the Resistance level of 21.00, which means more bullish signals, but as long as the metal trades below the Resistance level of 20.50, this cancels the bullish scenario.

Resistance and support levels: R3 (21.00), R2 (20.70), R1 (20.50), S1 (20.20), S2 (20.00), S3(19.75)

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

General overview for 04/08/2014 08:40 CET

The five waves impulsive development looks completed with the top for red wave 5 at the level of 1.0943. From that high, a possible five wave impulsive black wave i to the downside can be labeled as well. This would mean the pair is in the corrective structure now that can not break out above the wave i high. More downside wave progression is anticipated if the level of 1.0943 is not violated, as the pair already has broken out of the golden channel. Multiple bearish divergence supports this view.

Support/Resistance:

1.0991 - WR1

1.0943 - Wave 2 High

1.0892 - Weekly Pivot

1.0876 - Intraday Support

1.0842 - WS1

1.0821 - Technical Support

Trading recommendations:

Day traders and swing traders should consider opening short orders from the current market levels with SL above the level of 1.0943 and TP at the level of 1.0876 with a possible downside extension.

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

General overview for 04/08/2014 08:20 CET

The orange target zone has been missed by mere 2 pips and currently the high at the level of 138.00 is the top for the wave (c) of wave 2 green. The next anticipated wave development should be impulsive wave progression to the downside and the first clue comes with the level of weekly pivot breakout. Secondary confirmation comes with the technical support at the level of 137.32 breakout. In that case the market will enter the bearish zone and more lower prices are expected.

Support/Resistance:

138.44 - WR1

138.00 - Wave 2 High | Intraday Resistance|

137.54 - Weekly Pivot

137.49 - 137.32 - Technical Resistance Zone

137.04 - WS1

136.35 - Wave 1 Low

136.13 - WS2

Trading recommendations:

Day traders and swing traders should consider opening short orders from current market levels with SL above the level of 138.10 and TP at the level of 137.32 with a possible downside extension.

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

Since the USD/CAD pair failed to show enough bullish 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 between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was established.

As depicted on the chart, bullish rejection was expressed at retesting of the lower limit of the bearish channel around 1.0630 (It's the origin of the previous bullish impulse initiated in December 2013 as well).

A valid BUY entry was suggested. Expected targets got visited around 1.0750 and 1.0820.

The USD/CAD pair had a strong resistance zone located between 1.0830 (61.8% Fibonacci Level) and 1.0945 ( 50% Fibonacci Level of the same bearish swing ).

The price zone around 1.0940 (50% Fibonacci Level ) remains the nearest Intraday resistance level that comes to meet the pair.

Bearish rejection may be anticipated at retesting especially after such a long bullish rally that originated off 1.0650 and 1.0710. However, daily closure above which enables the bulls to shoot towards 1.1050 initially.

On the other hand, the price level of 1.0775 remains the nearest support to meet the pair where a valid BUY entry may be taken with Stop Loss below 1.0715.

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Weekly forecast and an intraday analysis of GBP/JPY for August 04-08, 2014 Trend News

Weekly view (August 04-08)

The pair hit the 6-month support trend line on a weekly basis, and closed below that in the previous week. Today the pair opened below the support trend line, currently now it is acting as resistance unable to breach that. It has the nearest weekly support at 172.20 (20WSma). The pair hit the descending upper trend line and closed below that. The pair held the parallel support at 172.36 (low made 172.39) on Friday's session. On the down side, it has support at 172.20-172.10 (rounded to 172). The pair will extend its fall only below 172 towards 171.75, 170.95 and 170.70 levels.

Support 172.36 172.20 172

Resistance 173 173.86 174.25

Positional sell only below 172

Intraday cm 172.73

In the Asia's session, the pair is trading below the hourly moving averages, 21HrSma and 34Hr Sma. Until the prices close below these, the bears will have an upper hand. The pair has been making a lower lows formation for 18 hours. We recommend to buy above 172.80 for 173, 173.20 and 173.30 levels. We can see a strong momentum only above 173.30 for 173.80. The pair has intraday support at 172.36, 173.20 and 172.0

Support 172.36 172.20 172

Resistance 172.80 173 173.20

Buy above 172.80

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Weekly forecast and an intraday analysis of Gold for August 04-08, 2014 Trend News

Weekly view (August 04-08)

The yellow metal finally hit and closed below the 50WSma, after holding above it for 2 weeks. The metal has been making lower lows and lower highs for 3 weeks. Today in Asia's session, the metal opened higher with a minor bearish note and was unable to breach the 50WSma. The nearest resistance will be at $1,296 (50WSma), above this, $1,300 is the weekly resistance levels. We recommend to buy above $1,297 for $1,300, $1,306.80, $1,310, $1,312 and $1,318.

Resistance $1,296 $1,300 $1,311.70

Support $1,286 $1,280 $1,275

Intraday cmp $1,292.50

The metal was rejected at 34HrSma on Friday session and is still trading below that, but held above 12ema and 21hrSma. The metal has support at $1,290 (12ema). We recommend to sell below $1,290 for targets at $1,287.40, $1,286.50,$1,282 and $1,280 levels. The panic will be triggered below $1,279.70 for $1,275, $1,270 levels.

Support $1,290 $1,288 $1,286

Resistance $1,294 $1,296 $1,297

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