Gold Wave analysis for August 6, 2014 Trend News

Gold price remains inside the downward sloping wedge. The trend still favors bears but we are very close to getting a buy signal if resistance at $1,301 is broken. The downward move from $1,346 is either the start of a new downward wave that will eventually break below $1,240 or as an alternative wave count it is wave B that has bottomed at the 61.8% retracement.

Price is above the short-term support of $1,280 and below the Ichimoku cloud resistance at $1,301. As long as price is below the Ichimoku cloud, I prefer the bearish scenario that sees wave E completed at $1,346. Breaking above $1,301 will cancel this scenario and will increase the chances of a move towards $1,350.

In the daily chart Gold price has entered the Ichimoku cloud once again. This makes daily trend neutral. A daily close below $1,280 will change it to bearish. A daily close above $1,300 will change it to bullish. Next important support level is at $1,270.

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Technical analysis of USD/CAD for August 6, 2014 Trend News

General overview for 06/08/2014 09:30 CET

The main secnario has been invalidated overnight due to wave 1 and wave 2 overlapse. In that case, the alternate impulsive scenario is in play with a very bullish outlook for this pair on almost every time frame. Nevertheless, due to the multiple bearish divergence, the corrective cycle on intraday time frames is about to start. This cycle has been labeled as red wave 4 and the maximum range of the corrective cycle is down to the level of 1.0870 where the demand zone is. When the correction is completed, new highs are expected.

Support/Resistance:

1.0991 - WR1

1.0977 - Intraday Resistance

1.0943 - Intraday Support

1.0892 - Weekly Pivot

1.0875 - Previous Wave Four Level

Trading recommendations:

Both swing and day traders should now set their mind to "buy the dips" mode and the critical zone for buying is at the level of 1.0870.

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Technical analysis of EUR/JPY for August 6, 2014 Trend News

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

The yesterday's target level for short orders has been hit and the market is behaving as anticipated with lower lows being made on hourly time frame. There is still some more room for another leg to the downside as long as the key level is not broken. The next target in that case would be the intraday support at the level of 136.63.

Support/Resistance:

138.01 - Swing High

137.54 - Weekly Pivot

137.33 - Technical Resistance

137.24 - Intraday Resistance

137.04 - WS1

136.63 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the level of 137.24, with SL above the level of 137.34 and TP at the level of 136.63 with a possible downside extension.

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Daily analysis of GBP/JPY for August 06, 2014 Trend News

Overview

Yesterday's closing below the Resistance level of 173.30 gave the price an opportunity for bearish move. As shown here, the price is trying to continue its bearish move by breaking the Support level of 172.60 and closing 4h below. In that case, we might get another opportunity for more sell signals. It opens the way towards the level of 172.30, as the first target and the price should test the Support level of 171.75 afterwards to continue its bearish move. But as long as the price stabilizes above the Support level of 172.60, it cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (173.75), R1 (173.30), S1 (172.60), S2 (172.30), S3 (171.75).

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Daily analysis of Silver for August 06, 2014 Trend News

Overview

Based on the H4 chart, silver is still stabilizing below the Resistance level of 20.00 after its rebound from the Support level of 19.75 yesterday. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 19.75, this would give a strong indicator to continue the downward move and open the way towards the Support level of 19.50. Then, we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair can't break the Support level of 19.75 and reverses its downward move, it might be a good opportunity for bullish signals securing the Resistance level of 20.00 again. The breakout of this Resistance level will indicate a bullish strength providing new buy signals from this level till reaching the Resistance area of 20.20-20.50 .

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.75), S2 (19.50), S3(19.20)

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Technical Analysis of USD/CAD for August 06, 2014 Trend News

The pair breached the resistance at 1.0960 and closed at that level. Today in Asia's session, the pair is moving upwards. The pair has support at 1.0958 below this, 1.0945 is the strong support for this intra week. One can sell below 1.0940 for a target of 1.09. In the daily chart, the RSI and Stochastics look overbought. Hope it will pause the fall for a while at 1.0989-1.1 or even higher at 1.1025.

Support 1.0958 1.0945 1.09

Resistance 1.0989 1.1 1.1025

Intraday cmp 1.0969

The pair trading above hourly moving averages. It has the nearest resistance at 1.0977 (yesterday's high). The pair has an hourly support at 1.0958 below this, 1.0945, 1.0930 and 1.0915.

Risky traders can sell below 1.0958.

Safe traders sell below 1.09 with targets at 1.0885, 1.0877, and 1.0845.

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Technical Analysis of GBP/USD for August 06, 2014 Trend News

The UK's service sector grew at a faster pace, still continuing the upward trend. The cable pulled back from the 4 week low and rejected at 20WSma at 1.6890. Today in Asia's session, the pair is unable to trade above yesterday's high because of an initial sign of weakness for an Intraday basis. The pair made a minor double bottom at 1.6813 on the weekly chart. The intra week trading range is framed between 1.6813-1.6893. On the lower side, if support breaks this level, it can extend its fall to the 1.6785 and 1.6740 levels. On the north side, if it breaches resistance at 1.6893, it can fly up to 1.6923 and 1.6940 levels.

Support 1.6813 1.6785 1.6740

Resistance 1.8993 1.6920 1.6940

Intraday cmp

The prices are close below the 34hrsma and trading above 12ema and 21hrsma. For an intraday basis, traders can buy only above 1.6890 only for targets 1.6922 and 1.6940. The pair has an intraday support at 1.6845 and 1.6836. Below this range 1.6813-1.68 will act as the major support.

Buy only above 1.6890.

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