Technical analysis of EUR/JPY for August 19, 2014 Trend News

General overview for 19/08/2014 09:30 CET

So far, the wave progression supports the view of more impulsive downside development. The key level to keep an eye of is the intraday support at the level of 136.75. Breakout lower would be bearish and lower prices might be hit very quickly. On the other hand, the orange rectangular area has not been hit yet and the market might be developing more complex purple wave b (ie: triangle formation) and then move higher for the last wave upwards, hit the target zone and decline towards the 136.75 level.

Support/Resistance:

135.71 - Technical Support

135.77 - WS2

136.45 - WS1

136.75 - Intraday Support

137.04 - Weekly Pivot

137.06 - Intraday Resistance

137.70 - WR1

138.02 - Swing High | Red Impulsive Count Invalidation Level|

138.29 - WR2

Trading recommendations:

Sell orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45 has not been triggered, but this is still an option to trade. The other trading possibility to consider is to trade the intraday support level breakout with entry at the level of the 136.74 and using the same SL and TP as above.

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Technical analysis of GBP/JPY for August 19, 2014 Trend News

Overview:

GBP/JPY is expected to trade with risks skewed higher. It is underpinned by the positive risk sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales. The daily chart is positive-biased as MACD and stochastics are bullish, although inside-day-range pattern was completed on Monday.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 171.75 and the second target at 172.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.55. A break of this target would push the pair further downwards and one may expect the second target at 170.20. The pivot point is at 171.

Resistance levels:

171.75

172.65

173.30



Support levels:

170.55

170.20

169.85

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Short term forecast and intra week recommendations on GBP/JPY for August 19, 2014 Trend News

The pair got enough support at 200DSma and bounced from there. The pair in todays session is unable to break the previous day high. On the upper side, the pair has a strong resistance at 172.32 (100DSma). A daily close above 172.32 will take the pair towards 173 which is a crucial level for this pair in the short term. A daily closure below 170.47 will drift up to 169.50 and 168.75 in the short term.

For an intraday basis, it has support at 171.40, 171.30 and 171.20. We recommend selling only below 171.

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Weekly trading recommendation on USD/CAD for August 19, 2014 Trend News

The US dollar was fueled by the housing data. The pair is taking support at 200DSma and looking for a corrective move upwards. In today's session the pair held the support at 20DSma. Until the pair trades close above 1.0860, the bulls will try to take the pair to higher levels. On the bearish front, if the pair closes below 1.0860 it can drift up to the 1.079-1.078 levels. On the bigger view, the pair has a strong resistance between 1.0989-1.1, above this it can fly up to the 1.1050 levels.

A daily close below 1.0860, strong sell at 1.079-1.078.

Intraday- cmp 1.0893

The pair favors strong buying only above 1.0910 towards 1.0940, 1.0960, and 1.0975 levels. On the down side, it has support at 1.0875 and 1.0860. We recommend selling only below 1.0860.

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Review and intraday trading recommendations of Gold for August 19, 2014 Trend News

Review- Stronger US data pushed the metal to the support levels. In yesterday's session, the metal hit the 100DSma, but at the end of the day it managed to close above that. As we recommended in our yesterday's article, don't buy until it trades below $1,303.50 for risky players and $1,305 for safe players. This strategy minted good money on an intraday basis.

In today's session the pair held the support of 61.8 fib level and 100DSma trading above these. On the upside, the pair has a resistance at $1,301, $1,305.50, and $1,305.50. Until the metal breaks $1,305.50, it will trade in a range between the $1,290-$1,305 levels. For an intra week basis, at a daily closure below $1,296, bears will have an upper hand.

Support $1,296 $1,290 $1,284

Resistance $1,301.50 $1,305.50 $1,310

Intraday cmp $1,299

The metal prices are closed below the key moving averages. The metal triggers a safe buy only above $1,302 for a minor up move $1,305.50 and $1,307 initially and later $1,310. The metal has a support at the $1,297.50, $1,295, and $1,290 levels.

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Technical analysis of EUR/USD for August 19, 2014 Trend News

When the European market opens, some economic news will be released such as Current Account. The US will release the economic data too such as the Building Permits, CPI m/m, Core CPI m/m, and Housing Starts. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3424.

Strong Resistance:1.3416.

Original Resistance: 1.3403.

Inner Sell Area: 1.3390.

Target Inner Area: 1.3358.

Inner Buy Area: 1.3326.

Original Support: 1.3313.

Strong Support: 1.3300.

Breakout SELL Level: 1.3292. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical Analysis of EUR/USD for August 19, 2014 Trend News

EUR/USD

The pair has been making lower highs for 7 weeks, and has been rejected at 20DSma 4 days in a row. In today's session, the pair opened with a minor bearish note opened higher at 1.3363, resulted that trade has been long until it breaches the 1.3363 levels. The sell on an upward move is rewarding good money with sl 20DSma on a closing basis. On the down side, the pair has a strong support at 1.3350 and 1.3330 below this, 1.33/1.3295 will act as the weekly key support levels. A daily close below 1.3295 will make the push the pair towards 1.3250, 1.3210 in a week's time.

Weekly key support level 1.32954

Weekly key resistance level 1.34 (20DSma).

Buy only above 1.34, until selling on an upward move.

Intraday cmp 1.3360

The pair is trading below the 21hrsma, 12ema, and 34hr sma which generates the bearish sign. The today's opening higher made the pair more bearish towards the support trend line in the h4 chart. In an intraday basis, until the pair breaches the 1.3365, sellers will gain profit.

Support 1.3350 1.3340 1.3330

Resistance 1.3365 1.3375 1.34-1.3410

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