Technical analysis of EUR/JPY for May 27, 2014 Trend News

General overview for 27/05/2014 07:50 CET

The wave progression goes so far in line with expectations and the current corrective cycle might be completed by the end of the week. The high of wave a green has been taken out which means this is the biggest correction in the recent wave progression from the top of the swing. There are two more levels that are with to keep an eye on: the intraday resistance at the level of 139.42 and technical resistance at the level of 139.86.

Support/Resistance:

140.63 - WR3

139.97 - WR2

139.86 - Key Level

139.48 - WR1

139.42 - Intraday Resistance

139.12 - Intraday Support

138.81 - Weekly Pivot

138.31 - WS1

138.14 - Swing Low

Trading recommendations:

Daytraders should keep the opened yesterday positions from the level of 139.13 with SL below the level of 138.79 and TP at the level of 139.48 with a possible extension upwards to the level of 139.86.

Swing traders should wait for the correction to complete before shorting the market again.

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Technical analysis of Gold for May 27, 2014. Trend News

Technical outlook and chart setups:

1. The yellow metal raised through $1,300.00/02.00 levels yesterday before pulling back sharply. Please note that yet again, the metal tested resistance line as seen here around $1,302.00 before drifting lower towards $1,290.00. The lower boundary support is around $1,288.00 at the moment and a bounce can be expected if prices manage to reach there. Recommendations are to remain long with risk below $1,280.00.

2. Support is seen at $1,280, followed by $1,270.00, $1,230.00/40.00 and lower, while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively.

3. The structure indicates that Gold will continue to trade within the consolidation till it breaks out on either side (above $1,3105.00 or below $1,280.00).

Trading recommendations:

Remain long for now, stop at below $1,280.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for May 27, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF has remained unchanged yesterday, producing an indecision candlestick. At the moment the pair is trading at 1.5080 and is expected to drift lower. Recommendations are to remain short for now, risk remains at 1.5140. The pair could be expected to drift towards 1.4700 levels till ir remains below 1.5130.

2. Support is seen at 1.4900, followed by 1.4780/90, 1.4630, 1.4500 and lower while resistance is seen at 1.5120/30 respectively.

3. The structure indicates that the pair should retrace lower before rallying further. Minimum expectations on the downside could be 1.4700 levels.

Trading recommendations:

Remain short, stop at 1.5140, target is at 1.4700.

Good luck!

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Technical analysis of EUR/USD for May 27, 2014 Trend News

EUR/USD

ECB President Mario Draghi is concerned about deflation in the euro zone. The bank's main aim to bring back inflation towards the bank target at 2%, but currently the annual rate of inflation is 0.7%. The euro has drifted lower against USD for three months.

Weekly-

The pair made a low at 1.3616, as of now, it looks like a double bottom, For the rest of the week it should hold the low at 1.3616 levels. If the pair breaks the weekly support, then it will extend its fall to 1.3562-1.3550 levels immediately, later 1.3480 will be on the cards. Until the pair crosses 1.3735 on the downside, 1.34 is an open target with stronger support at 1.3616/1.36 and 1.3550 levels.

Daily-

In the daily chart, the pair made a double bottom and was unable to cross Friday's high at 1.3659. Today the pair is taking support at 1.3636, 1.3620, 1.3616 and the last bulls' hope is at 1.36 levels. We are completely negative below the 1.36 levels. On the upside, the pair has initial resistance at 1.3659, above this, it will fly up to 1.3688, 1.3723, 1.3757 and 1.3775 levels. The daily momentum oscillators are indicating a positive divergence representing the limited downfall at the cmp.

Hourly-

For intraday purpose, the pair looks good only above the 1.3654 levels, until it crosses it, the pair favors a slide again to the support levels 1.3634, 1.3616 and 1.36 levels. In case of a break below 1.36, it will slide to 1.3565 and 1.3550 levels. We recommend to go long only above 1.3655 for safe traders' targets at 1.366, 1.3680 and 1.3715 levels. Strong momentum is only above 1.3680 for 1.3735 and 1.3750.

RECOMMENDATIONS- cmp 1.3644.

Safe traders- buy above 1.3655.

Risky traders can buy at cmp 1.3644 for targets 1.3680 and 1.3715.

Sell below 1.3585 for 1.3565, 1.3550, 1.3477 and 1.34.

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Monthly forecast and intraday recommendation for GBP/JPY for May 27, 2014 Trend News

GBP/JPY

Monthly forecast-

The pair has been in a down trend from 174.75 levels, having broken the support trend line existing for two months. The pair has been making lower lows and lower highs for consecutive 4 weeks. This week it resumes the down trend, it crossed the previous week's high. We expect max it can stretch up to 172.10 levels. Until the pair crosses 173.60 on the down side, gates are open for 162.50 levels. The weekly momentum oscillators indicate the selling on rallies.

On the down side, the pair looks weak below 169.80 (previous week's low and 21-week EMA), the immediate support exists below this at 169.50. The short-term negative trend will be active below 169.50 for lower targets 168.30, 167.75, 167, 163.87, 163 and 162 levels. This view is valid until the pair trades below the 173.60 levels. On the up side, the pair has strong resistance at 172.10 and 173 levels.

Weekly basis-

The pair is taking small support at 171.50 levels, and it is trading above the 171.84 levels, which is a positive factor for the bulls, they can make 172.05-172.10 levels above this and can take the pair up to 172.34 and 172.72 levels. On the down side, the pair has strong support at 171 levels. A day close below this, the bears will take charge to make 170.65, 169.80, 169.50, 168.60, 168 and 167.50 levels, in the least case it can drift up to 165.50 levels. The major panic will be below the 169.45.

Intraday basis-

The pair is facing strong resistance at 172.05/172.10 levels. Safe traders can buy above 172.10 for 172.35, 172.52,172.72 and 173 levels. The pair looks weak below 171.45 for 171.30, 171.20, 171, 170.60 levels.

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Monthly forecast and intraday recommendation for EUR/JPY for May 27, 2014 Trend News

Monthly forecast- weak only below 138, until it hold with strict sl 137.50

Traders eye tomorrow's series of economic data in front of the euro, today's BOJ governor Kuroda speech & ECB President Draghi speech. We expect the pair will get a clear direction this week. EUR/JPY has been in a down trend from 145.68 levels. It has broken the lower support trend line that has been set for two months. This week's low at 138.70 and previous week's low at 138.10 are strong support levels (rounded to 138.0). A break below this, it will fall to 136.75 (weekly 50 SMA) and 136.20 (parallel support). The weekly RSI favors selling on the rally until it breaks the upper descending trend line (purple color). For the medium term perspective, until the pair crosses 143.80 on the down side, gates are open for 134.45 levels. Only above 142 levels, bulls will have an upper hand, they will get complete control only above 143.80 levels.

Traders can enter short positions only below the 137.5 levels, until buying on dips is preferred for targets 139.95, 140.91 and 142 levels. Sell below 138 for 136.20, 131 and 125 levels.

Weekly key support- 138.

Weekly key resistance- 139.95.

Weekly basis-

In the daily chart, the RSI favors buying on the dips. On the down side, the pair has strong support at 138.57, 138.12 and 137.50 (daily 200EMA). A day close below the 200EMA, the short-term trend change will take the pair towards 136 and 134 levels. On the up side, the pair strong momentum above 139.41, it can fly up to 139.85, 140.25 and 140.90 levels.

Intraday-

The pair looks strong only above 139.42 and weak below 138.90 levels. On the up side, if the pair trades above 139.42, it will travel up to 139.84, 140.25 and 140.82 levels. On the down side, if the pair breaks below 138.95, it will fall to 138.70, 138.57, 138.30, 138 levels.

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Short-term forecast and intraday recommendations for GBP/USD for May 27, 2014 Trend News

GBP/USD

Short-term forecast-

The cable has been in a down trend from 1.70 levels, and has formed strong support at 1.673 levels. Until the pair crosses and trades above the 1.6921 levels, it opens a downside target at 1.666-1.6650 levels. The 50-day SMA held the bar and pushed to 1.6921 levels. The next bearish wave will statrt below the 1.673 levels for initial targets 1.666, 1.6554 and 1.6465 levels. The daily momentum oscillators favor selling on the rise strategy for the next couple of weeks. This week's key support is placed at 1.68, after breaking below this, sellers will mint the money with targets 1.675, 1.673 1.666 and 1.6554 levels.

On the up side, the initial resistance is placed at 1.6853, above this, it can fly up to 1.6875 and 1.69. Selling on the rise is valid until it trades below 1.6921.

In Asia's trading session, the pair is facing strong resistance at 1.6853 levels. The trading pattern is framed between 1.6853-1.6830. On the lower side if the pair breaks 1.6830, it will be weak and will correct to 1.6820, 1.6811 and 1.68 levels. The major weakness exists below 1.68 for 1.6780, 1.6766, 1.6744 and 1.673 levels.

On the up side, if the pair breaks the resistance level of 1.6853, it will fly up to 1.6875 and 1.69/1.6906 levels. The hourly Stochasics favors sell side.

Recommendations- cmp 1.6844.

Sell below 1.683, panic below 1.68.

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