Weekly technical levels of EUR/USD for August 4-8, 2014 Trend News

Technical levels of the EUR/USD pair:

Forecast and review :

• The double top of EUR/USD pair will set at the level of 1.3443 and the double bottom is going to be set at the 1.3365 level. It should be noted that the last range was very small around 80 pips only. But we expect a range of 170 - 200 pips this week.


• The price had only hit support 1 last week.


• The major support is going to set at 1.3380 on August 4, 2014. And the resistance had already set at the price of 1.3464.


• So, according to the previous events, the price of the EUR/USD pair is going to move between 1.3380 and 1.3443.


• The level of 1.3412 is representing the weekly pivot point. Therefore, it will be very useful to buy above the price of 1.3412 in the short term with the first target at 1.3440. Moreover, if the trend is able to break the double top at 1.3443, then it might resume to 1.3464.

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#USDX Technical analysis for August 4, 2014 Trend News

The Dollar index has most probably made a short-term top and is pulling back downwards. This downward correction is most probably a move that should be met with buying pressures near 81 to test back the previous break out of the area.

The Dollar index is inside the upward sloping trend channel. I expect the pull back to reach maximum the 38% retracement near 81 and touch the Ichimoku cloud in the 4 hour chart. I believe this is just a pull back and that the highs are not in yet. The 81.56 high is only a short-term high as I expect the Dollar index to break above this level in the near future. I expect the Dollar index to find support at 81. This back test of the break out area is important, so that bulls will get re-energised.

The daily chart shows how price is still inside the upward sloping channel. Daily support is found at 81.15 and at the previous high at 81. I do not expect the Dollar index to break below 81. I expect the Dollar index to back test the break out level in order to confirm the break out and resume its upward trend.

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EUR/NZD analysis for August 04, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5825 in a volume below average. According to the daily timeframe, we can observe weak demand in an average volume, which is a sign that buying EUR/NZD at this stage looks risky. I have placed Fibonacci expansion to find potential end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5815 (successfully tested). According to the 1H timeframe, we can observe that strong supply in an ultra high volume has entered the market. So, be careful with buying and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5817

R2: 1.5840

R3: 1.5877

Support levels:

S1: 1.5742

S2: 1.5719

S3: 1.5681

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.

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Gold Technical analysis for August 4, 2014 Trend News

Gold price has made a low at the 61.8% Fibonacci retracement level of the rise from $1,240 to $1,345. The form of the downward move from the highs is a bullish wedge. This pattern may cancel our longer-term bearish view that wave E is complete or it may cancel even the scenario that we are in a wave 4 correction.

Gold price made 5 waves up from $1,240 to $1,345. The pull back from $1,345 to the 61.8% retracement is corrective. The bullish wedge if broken upwards could signal an important trend change. Important resistance levels are found at $1,295 and $1,305. If Gold price breaks above the Ichimoku cloud resistance, then we should expect it to rise above $1,313 of even $1,326. Price bounced off the 61.8% retracement and this puts our longer-term preferred bearish scenario in danger.

Price has broken above the daily Ichimoku cloud once again. This is a good sign for bulls. The decline from $1,346 may only be wave B and the rise from $1,240 to $1,346 wave A. So, now the market might be preparing for wave C of wave E of wave 4 towards $1,360. This scenario will increase its chances of success if price breaks above $1,313. If Gold price gets rejected at $1,295 and pulls back down towards $1,280, then we will have to wait to see how it reacts near the important support at $1,270. If wave E is not already complete, we should expect a bounce towards $1,350-60.

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Gold analysis for August 04, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,280.21 in a volume just above the average according to the daily timeframe. As you can see from the chart, our Fibonacci retracement 61.8% completed successfully, so selling at this stage looks risky. I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 100% at the price of 1,272.00. If the price breaks the level of 1,281.00 (our Fibonacci retracement 61.8%), we may see more downward movement. Anyway, we can observe strong demand and buying climax according to the 4H timeframe, which is a sign that selling looks risky at this stage.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,295.33

R2: 1,295.63

R3: 1,296.13

Support levels:

S1: 1,294.33

S2: 1,294.03

S3: 1,293.53

Trading recommendations: Be careful with selling Gold at this stage since Fibonacci retracement 61.8% is on the test.

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

Today's support and resistance levels:

R3: 1.5848

R2: 1.5825

R1: 1.5790

Current spot: 1.5782

S1: 1.5752

S2: 1.5792

S3: 1.5705

Technical summary:

We saw an unexpected rejection from 1.5812, which indicates that a slightly bigger correction towards 1.5705 is needed. However, once this correction is over, we should renew strength higher through 1.5829 for a move towards 1.6205 and higher in a longer term.

Trading recommendation:

Our stop at 1.5750 was hit for a nice profit. We will buy EUR again at 1.5710 with stop placed at 1.5600.

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

Overview

As it was expected last week, we should make the decision after breaking the Support area of 172.40 and closing 4H below. As shown on the H4 chart, the pair failed to break this Support area and has bounced from it again to reverse its bearish move taking an upward movement. Currently, it is approaching the Resistance level of 173.00 to retest it. Given that, the pair continues its bullish move and manages to close 4H above this Resistance level. It gives us a new opportunity for Buy signals above this Resistance level with the first target few pips below the Resistance level of 173.50 then 173.75 as a second target. But as long as the pair trades below the Resistance level of 173.00, this cancels the bullish move scenario.

Resistance and support levels: R3 (173.75), R2 (173.50), R1 (173.00), S1 (172.40), S2 (169.90), S3 (169.50).

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