Technical analysis of Silver for Aug 15, 2014 Trend News

Technical outlook and chart setups:

1. Silver has retraced/pulled back towards the $19.60 levels just a while back and is pulling back again, trading around $19.75 levels at the moment. The metal is seen to be bouncing off between the fibonacci 0.618 and 0.786 support levels. Recommendations are to initiate long positions now, risk remains below $19.40.

2. Support is seen at $19.40, followed by $19.00, $18.60 and lower while resistance is seen at $21.50, followed by $21,70, $22.30, and higher respectively.

3. The structure indicates that Silver could turn higher from the current levels, remain long.

Trading recommendations:

Initiate long positions now, stop below $19.40, target is open.

Good luck!

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Technical analysis of Gold for Aug 15, 2014 Trend News

Technical outlook and chart setups:

1. Gold has retraced towards the $1,293.00/94.00 levels as discussed earlier. As seen here, the intermediate support line and past resistance turned support is around the same region. It is recommended to initiate long positions now, risk remains below $1,280.00.

2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,325.00, followed by $1,340.00/50, $1,388.00 and higher respectively.

3. The structure indicates that Gold retracement/pullback could be finished here and the metal could turn higher again.

Trading recommendations:

Initiate long positions here, stop below $1,280.00, target open.

Good luck!

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Intraday technical levels and trading recommendations on EUR/USD for August 15, 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 leading to obvious breakdown of the depicted bullish trend line.

Bearish pressure which originated off 1.3650 has applied enough pressure on the price level of 1.3560 (corresponding to the previous prominent bottom) exposing the price levels around 1.3360 where bullish recovery was witnessed last week.

Again, the EUR/USD pair has pushed lower towards 1.3330 (prominent bottom established on November 8, 2013), once more after the initial testing that followed the release of the initial readings of the Italian GDP last Thursday.

Bullish fixation above 1.3440 is essential to acquire a momentum strong enough to initiate a bullish corrective move towards 1.3530.

Breakdown of 1.3500 cancels the bullish structure allowing the bears to pursue towards the price level of 1.3420 which represents the upper limit of the newly established consolidation zone (1.3340-1.3420).

The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3420-1.3450.

In case the bears keep applying significant bearish pressure, the EUR/USD pair has Intraday DEMAND levels located around 1.3325, 1.3290, and 1.3275 respectively (Fibonacci Expansion Levels).

On the other hand, bullish fixation above 1.3430 ensures a deeper bullish correction towards 1.3520 and 1.3550.

Range breakout is likely to occur soon. A valid entry is suggested in the same direction of the breakout.

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Intraday technical levels and trading recommendations on GBP/USD for August 15, 2014 Trend News

Breakdown of the DEMAND level around 1.6975 allowed a quick decline of the GBP/USD pair towards the price zone of 1.6800-1.6820.

When retesting the price zone of 1.6800-1.6820, considerable bullish recovery took place. This bullish movement was halted below 1.6880 when the bears applied considerable bearish pressure.

On Wednesday, the GBP/USD pair declined again towards 1.6770. This came after the release of the British manufacturing data, which came below expectations.

In case the bears keep applying bearish pressure, we expect the pair to break down the price level of 1.6760 (the previously broken top established in February 2014 ).

On the other hand, failure of the bears to fixate below 1.6760 will probably allow the bulls to initiate a bullish corrective movement towards 1.6820 and 1.6900 as well.

A pattern of multiple tops was confirmed after breakdown of the depicted bullish channel when the price zone between 1.7140 - 1.7170 provided evident bearish price action.

The price zone of 1.6830 - 1.6800 remains a significant zone as it corresponds to the previous consolidation zone established in June as well as the upper limit of the ongoing bearish channel.

However, 4H fixation below this zone exposed the price levels around 1.6660-1.6680 where the lower limit of the current bearish channel is located.

Note that the GBP/USD pair has been downtrending for almost 20 days without significant correction.

Thus, any bullish fixation above 1.6725 cancels the current steep trend allowing a deeper bullish correction to occur.

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USD/CAD intraday technical levels and trading recommendations for August 15, 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 a prominent congestion zone was established.

As depicted on the chart, bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 (It's the origin of the previous bullish impulse initiated in December 2013 as well).

The USD/CAD pair has a strong resistance zone located between 1.0950 and 1.1020 (Fibonacci Levels 50% and 61.8% of the most recent bearish swing).

As we mentioned before, bearish rejection should be anticipated this week especially after such a long bullish rally that originated off 1.0650 and 1.0710.

Bearish rejection was manifested around the price level of 1.0970 (Fibonacci 50% level) where a Shooting-Star daily candlestick was expressed on Wednesday. Moreover, another bearish engulfing daily candlestick was expressed on Monday off the same levels (around 50% Fibonacci). This enhances the short-term bearish direction in the form of a double-top pattern on the 4H chart as well. Initial bearish target is located around 1.0825 where price action should be watched then.

On the other hand, daily fixation above 1.0950 (50% Fibonacci level ) enables the bulls to shoot towards 1.1020 and 1.1050 initially.

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GBP/USD intraday technical levels and trading recommendations for August 15, 2014 Trend News

Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles.

The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, the bears had a potential bearish target around 1.6970 and then 1.6920.

DAILY fixation below 1.6980-1.7000 applied intensive bearish pressure on the price zone of 1.6920-1.6900 leading to its breakdown as well.

Bullish recovery was evident around 1.6800 - 1.6820 manifested during the previous visit (Monday's daily candlestick)

However, this price zone failed to provide support during the 2nd visit that took place on Friday exposing the price level of 1.6765 for retesting.

As expected, price levels around 1.6760 provided a valid BUY entry towards 1.6820.

On Wednesday, the price levels around 1.6800-1.6820 offered a valid SELL entry. SL should be set at daily closure above 1.6860.

Bearish targets should have been reached initially around 1.6670 where the lower limit of the ongoing bearish 4H channel is located.

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EUR/NZD analysis for August 15, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price was tested and rejected from the level of 1.5773 in a volume above the average. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci expansion to find resistance levels and I got Fibonacci expansion 61.8% at the price of 1.5763 (currently on the test), Fibonacci expanson 100% at the price of 1.5782. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). I have placed Fibonacci retracement from the most recent upward leg and I got Fibonacci retracement 38.2 % at the price of 1.5710 (currently on the test). Be careful when buying this pair and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5785

R2: 1.5806

R3: 1.5840

Support levels:

S1: 1.5717

S2: 1.5696

S3: 1.5662

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

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