USD/CAD intraday technical levels and trading recommendations for July 11, 2014 Trend News

Since the USD/CAD pair failed to show enough bullish momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel, which managed to push towards the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where the pair has established a prominent congestion zone.

The USD/CAD pair found solid resistance around 1.0910-1.0950 that were able to resume the ongoing bearish momentum.

The pair was trapped within the depicted congestion zone between two very important Fibonacci Levels until bearish breakout turned to the bearish side.

Bearish projection targets got visited at 1.0725 and 1.0685 respectively (the lower limit of the ongoing bearish channel).

Bullish price action is now being expressed at retesting of 1.0630 which is the origin of the previous bullish impulse initiated in December 2013.

Please, also note the steep bearish channel depicted on the 4H chart. The price keeps respecting its limits at retesting. The pair has been retesting the backside of the broken upper limit since the beginning of this week.

That's why, price action was expected to be found allowing a BUY entry to be triggered. Possible targets are located around 1.0750 and 1.0820. SL should be set at daily closure below 1.0600.

The bulls should be conservative with the mentioned Stop Loss as the USD/CAD pair has been down-trending for quite a long period so far.

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Intraday technical levels and trading recommendations on GBP/USD for July 11, 2014 Trend News

Successive bottoms around 1.6465, 1.6555, and 1.6665 (corresponding to the uptrend line) constituted a solid bullish structure that kept pushing higher.

However, during the previous visit in May, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this breakout lost its bullish momentum showing successive lower highs that temporarily managed to breakdown the depicted uptrend line.

This has been taking place until the GBP/USD pair showed bullish recovery around 1.6690 which was followed by strong bullish pressure that pushed above 1.7000 and 1.7150 thus challenging the new price levels that have not been visited since 2008.

Lack of bullish momentum and indecision are now observed on the daily chart. This renders the pair trapped within a small congestion zone between 1.7090 and 1.7170.

On the other hand, the most dependable DEMAND level is located around 1.7050 where the previous established top is located.

Bullish fixation above 1.7000 enhanced the bullish channel scenario, thus enabling the bulls to reach 1.7100 and 1.7160 shortly after.

The current price zone between 1.7140 - 1.7160 should be watched for early reversal of bearish price action. A reversal of a multiple-top pattern is probably being expressed.

A short position can be triggered after breakdown of the lower limit of the ongoing channel. Stop Loss should be located above 1.7180.

To avoid possible sudden reversals, bearish targets should be located at 1.7055 and 1.7000 where dependable demand levels are located.

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Daily analysis of Silver for July 11, 2014 Trend News

Overview

Based on the H4 chart above, silver stabilized below the Resistance level of 21.50 after hitting it yesterday then bouncing from it to take a slightly downward move as shown. If silver continues its bearish move and manages to break the Support level of 21.20, this will produce a strong indicator for the downward move and open the way towards the Support level of 20.90. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will indicate a bullish strength providing new buy-signals from this level till reaching the Resistance level of 21.75 then 22.00.

Resistance and support levels: R3 (22.00), R2 (21.75), R1 (21.50), S1 (21.20), S2 (20.90), S3 (20.50).

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Intraday technical levels and trading recommendations on EUR/USD for July 11, 2014 Trend News

The price zone of 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum that originated off the depicted bullish trend line.

A Double Top pattern was formed after the neckline located at 1.3700 got broken-down. Projection targets have already been hit shortly after.

Previous prominent bullish engulfing daily candlesticks emerged off 1.3500 (the lower limit of the ongoing channel) thus fixating again above 1.3560 (the key-level corresponding to the previous prominent bottom).

As long as the backside of the broken bearish channel keeps holding the price above, the bulls will keep pushing higher towards 1.3660 and probably 1.3740.

As long as the bulls keep defending the recent low around 1.3575, we consider the possibility of a bullish Head and Shoulders pattern with the neckline around 1.3650 with a breakout projection target to be anticipated around 1.3750.

The price zone between 1.3600-1.3560 ( 50% and 61.8% Fibonacci levels ) should be expected to express evident bullish price action offering a valid BUY entry at retesting.

This price zone corresponds not only to significant Fibonacci levels but also to the backside of the broken bearish channel depicted on the chart.

As long as the bulls keep defending this demand zone, the bullish momentum is most likely to pursue towards further targets.

On the other hand, breakdown of 1.3550 invalidates the bullish structure allowing the bears to pursue towards lower targets. NB: This is less likely to occur in the current situation although the probability exists.

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EUR/NZD analysis for July 11, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards. As we expected, the price tested the level of 1.5406 in a volume just below average according to the Daily chart. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (currently on the test). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, we can observe weak demand in the background, which is a sign that buying looks risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5470

R2: 1.5490

R3: 1.5518

Support levels:

S1: 1.5411

S2: 1.5392

S3: 1.5362

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

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Gold analysis for July 11, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways. We are facing a quiet day and flat Gold around the price of 1,336.00. According to the daily timeframe, we can observe demand in a volume above the average, which is good sign for potential bullish movement. I have placed Fibonacci expansion levels to find a potential upper station. Besides, I got Fiboancci expansion 61.8% at the price of 1,368.00. We may see smaller bearish correction from sellers in reaction of buying climax. The support level is the level around the price of 1,332.00 (swing high like support). According to the 4H timeframe, we can observe weak supply on the market.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,345.33

R2: 1,350.47

R3: 1,358.80

Support levels:

S1: 1,328.68

S2: 1,323.53

S3: 1,315.20

Trading recommendation: Be careful with selling Gold since we have got broken resistance in the background.

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Forecast of USD/CHF for July 11, 2014 Trend News

USD/CHF

The pair is holding above the 50DSma in Asia's trading session. The pair may face strong resistance at the 0.90 levels. The pair was rejected once at 50 WSma and made a low at the 0.8857 levels. In the short-term view, the pair made a double bottom at 0.87 and was rejected at 50 WSma. The pair took the support at 50.0% fib levels. If the bulls managed to breach the 0.90 levels, we can see the short-term rally up to 0.9157 and 0.9180. Positional traders keep an eye on the 0.9015 levels.

The pair made a huge distribution at the 0.912 levels. Closing the week above 0.90/0.912, the bulls may get charged to print another 150-180 pips in the short term. On the down side, the pair has support at 0.8898 below this, 0.8857. We recommend to sell only below 0.8857 for a target of 0.87 (previous low).

Note, cmp 0.8931

the short-term bullish trend is above 0.9012

Intraday resistance is at 0.8938; above this level it can fly up to 0.8948 and 0.8975

Support existed at 0.8898 below 0.8857

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