Technical analysis of USD/JPY for February 5, 2014 Trend News

In Asia, Japan will release the Average Cash Earnings y/y and the US will release some economic data such as US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI, US-Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Today's technical levels:

Resistance. 3: 101.88.

Resistance. 2: 101.68.

Resistance. 1: 101.48.

Support. 1: 101.23.

Support. 2: 101.03.

Support. 3: 100.83.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.83) and resistance 3 (101.88). Normally, when a level is touched, the USD/JPY is likely to rebound from the previous minimum by 10 to 20 pips. However, in case the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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 Crude for February 05, 2014 Trend News

The recent high 98.6 has been acting as the reversal point to the lower levels. In the H4 chart, Stochastic gave a sell signal, where the RSI was still in buy mode. Today, the price is trading above 21DEMA, cmp 97.83 and is standing above yesterday's high, which is a bull factor. But if we go through the hourly chart, we can see oscillators giving a sell signal. The price is trading near resistance zones.

Support: 97, 96.3

Resistance: 98, 98.6

Recommendation- sell for the targets $91, 87 and 85.

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Technical analysis of DJIA for February 05, 2014 Trend News

We have seen a 7% correction in Dow. It is trading close to its 200 DEMA but more importantly it has hit RSI oversold zones. Suchlike previous RSI transitions have led to a strong bounce. Also, further dips will take it to trend line/channel supports. We recommend that you buy call from cmp or get in slowly in the dips to 15k-15,300. A reversal above any day's highs on hourly basis could also be a turnaround signal. We have seen a correction from approx 16,500-15,300 levels happened in a short period of time.

We are highly oversold at current levels in the daily and hourly charts. Every time when the RSI touch 20 levels, we saw a strong bounce back . In a worst-case scenario, we can see 14,800-15,000. The market will give some good bounce, if another low comes. So we can see a positive divergence in RSI which may lead to a strong rally. We can observe double bottom at the level 15,356.

Support: 15,300, 15,000, 14,800

Resistance 15,500, 15,700, 16000

In the hourly chart, we can observe positive divergence in RSI from 15,880 levels. So it is likely to bounce back to the target somewhere around 15,700-15,800.

Intra-Resistance: 15,478, 15,532, 15,700

Recommendation-

Below 15,356 the price is seen to fall another 300-500 points, which will be an interesting entry point.

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Technical analysis of EUR/USD for February 05, 2014 Trend News

The EUR/USD pair has broken its neckline and is attempting to pull back to its near strong resistance level at 1.357 (23.6% fib retracement). An overall trend is down. Price action is currently trading at the level 1.3514 and slightly below previous day close. A break below the level 1.3477 may trigger further downward movement to the level 1.3400, 1.3350 and 1.33 levels, which were our targets in previous reviews.

In the hourly chart, we can see oscillators showing a sell signal and the pair trading below the 21DEMA.

Intraday-

Support: 1.3495, 1.34

Resistance: 1.3528, 1.354

In the daily chart, the pair was trading during last the two days with higher high -higher lows. We can see the trend change action in the short term. Also, we can see oscillators in the oversold zone. If the pair trades above the level 1.3540, it can fly up to 1.36 and 1.3666. If the price breaks below the Monday's low, we will see the downward momentum near 1.3400.

Positional-

Support: 1.3477, 1.34, 1.33

Resistance: 1.3540, 1.36, 1.3666

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Technical analysis of EUR/JPY for February 05, 2014 Trend News

Technical outlook and chart setups:

1. Yesterdays' price action is an indication to attempt a pullback. Aggressive trade setup is expected to initiate 50% long positions now (137.26). The risk remains at 136.00 at least.

2. Immediate supports are spread through 136.00 (intermediary) followed by 134.00 and lower, while resistances are spread through 142.00 followed by 143.00 and 145.50 respectively .

3. The structure reveals that prices could rally from current levels. It is also the fibonacci 0.618 support of the rally between 131.00 through 145.50. The resistance line is passing through 141.00 levels as seen in the chart.

Trading recommendations:

Initiate 50% long positions now, stop at 136.00 target open for now.

Good luck!

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Technical analysis of Silver for February 05, 2014. Trend News

Technical outlook and chart setups:

1. Silver remains more or less unchanged since yesterday. After creating a higher low at sub $19.00 levels it could be preparing for the next rally towards $21.00/22.00. It is recommended to hold long positions. The risk remains at $18.50.

2. Immediate resistance is at $20.50 (intermediary) followed by $21.00 and $22.00, while supports are spread through $19.00 (intermediary) followed by $18.75 and sub $18.00 levels respectively.

3. The structure reveals that a meaningful low is in place at $18.75 now. The morning star produced also reveals that the next rally towards $22.00 and higher is due.

Trading recommendations:

Remain long, stop at $18.50, target at $22.00 and higher.

Good luck!

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Technical analysis of Gold for February 05 2014. Trend News

Technical outlook and chart setups:

1. Gold has rallied through the $1,266.00 levels before pulling back. Please note that the 0.618 fibonacci resistance is also at $1,266.00. A reversal now could bring prices lower towards $1,218.00. It is recommended to remain short; the risk remains at $1,285.00.

2. Immediate resistance is at $1,279.00 (intermediary) followed by $1,290.00/95.00 and higher, while support is at $1,230.00 followed by $1,220.00/10.00 and lower respectively.

3. The structure reveals that a meaningful low could be in place at $1,182.00 now. Gold is likley to retrace lower towards the $1,215.00 zone before reversing. A break of $1,230.00 would accelerate the fall.

Trading recommendations:

Remain short, stop at $1,285.00, target at $1,220.00.

Good luck!

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