Daily analysis of major pairs for September 1, 2014 Trend News

EUR/USD: With the clean Bearish Confirmation Pattern in the market, this pair has the potential to move further southward. One reason for this is the palpable weakness in the Euro. The price may go further south, testing the support line at 1.3100. The outlook for this week is generally bearish.

USD/CHF: The USD/CHF has been able to stay above the support level at 0.9150. In fact, the price is now trading upwards, going towards the resistance level at 0.9200. That is the target for this week.

GBP/USD: The GBP/USD is still caught in its consolidation to the upside. The GBP is not as weak as the EUR and therefore, the Cable seems poised for an exponential breakout that may favor buyers. This can result in a long-term uptrend and it would materialize as soon as the price crosses the distribution territory at 1.6650 to the upside.

USD/JPY: This pair is also trending upwards and it may reach the supply level at 104.50 this week. On Friday, August 29, 2014, the price closed at 104.08. This close was slightly above the demand level at 104.00, and the price may go further downwards from there. The market is presently strong.

EUR/JPY: There is no question about it: the bearish signal that was generated last week on this cross is still valid. The validity holds in spite of the visible volatility in the market. The price may go more bearish and test the demand zones at 136.50 and 136.00 respectively.

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Daily analysis of USDX for September 01, 2014 Trend News

Daily chart: the USDX has had a bullish momentum at support level of or 82.51. Since then this instrument is forming a bullish pattern above that level. Now, it is likely that the USDX rise to resistance level of 83.22. However, the USDX could begin to perform corrective movements. The MACD indicator continues in positive territory.

H4 chart: the USDX has been consolidated under the bullish trend line, since the USDX has found strong resistance at that level. However, if the USDX does a pullback at that level, it would be expected to fall to the support level of 82.35. In addition, a breakout at that level could lead to the USDX falling to the 200-day moving average. The MACD indicator is in positive territory.

H1 chart: the USDX did a bullish rebound at the support level of or 82.50. So now, this instrument is consolidating above the level of 82.67 with the formation of a bullish pattern. If the USDX manages to make a breakout at the resistance level of 82.85, the next target would be the level of 82.97 in this chart. The MACD indicator is entering overbought area.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 82.85, take profit is at 82.97, and stop loss is at 82.72.

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Daily analysis of GBP/USD for September 01, 2014 Trend News

Daily chart: GBP/USD is trying to rise up to the 200-day moving average, which is close to the resistance level of 1.6 668. However, it is worthy to remember that GBP/USD is trying to form a bearish pattern, so this pair could fall back to the support level of 1.6540. The MACD indicator is entering into positive territory.

H4 chart: This pair is trying to make a breakout at the resistance level of 1.6615. If it succeeds, it would be expected to rise to the level of 1.6644. However, we should take into account that GBP/USD is conducting corrective movements, so it is very likely that this pair will climb up to the 200-day moving average. The MACD indicator stays in positive territory.

H1 chart: GBP/USD has performed a bullish rebound at the support level of 1.6578, so now this pair is trying to find resistance at the 200 moving average. If GBP/USD manages to make a breakout at the resistance level of 1.6629, one would expect it to rise to the level of 1.6 700. The MACD indicator is entering neutral territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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USD/CAD intraday technical levels and trading recommendations for August 29, 2014 Trend News

The USD/CAD pair has failed to show enough bullish momentum above 1.1200 during the last visit on March 20. Since then, the pair has been downtrending within the depicted bearish channel.

Bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 on July 3 (the origin of the previous bullish impulse initiated in December 2013).

This enabled bulls to achieve a bullish breakout off the depicted channel allowing bulls to retest the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was formed previously.

The USD/CAD pair had 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 after such a long bullish rally that originated off 1.0650 and 1.0710.

Previously, around the price level of 1.0950, agressive bearish rejection was expressed. This was manifested in many Shooting-Star daily candlesticks. Thus, the short-term bearish direction is enhancing .

A valid SELL position was suggested at retesting which took place this week. Initial bearish target is located around 1.0825.

Conservative traders should wait for higher entry levels to be retested especially around 1.0880-1.0900.

Daily closure below price zone of 1.0870-1.0850 confirms a long-term double-top pattern with its projection target located at 1.0770.

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

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Technical analysis of GBP/CHF for Aug 29, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has been stalling at 1.5200 levels for a few trading sessions now, as seen here. Also, the trend line resistance is passing through the same region. It is recommended to initiate 50% of short positions at the current levels, risk remains at 1.5350.

2. Support is seen at 1.4950, followed by 1.4780 and lower while resistance is seen at 1.5350, followed by 1.5450 respectively.

3. The structure indicates that GBP/CHF remains bearish below the 1.5350 level.

Trading recommendations:

Remain short, at current levels and more at 1.5250, stop at 1.5350, the target is open.

Good luck!

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Technical analysis of Silver for August 29, 2014 Trend News

Technical outlook and chart setups:

1. Silver rally stalled yesterday at the $19.90 level. The metal is seen to be trading at the $19.50 level for now, and it is expected to resume rally higher, taking out the $20.20 level. It is recommended to remain long for now, risk remains below $19.00.

2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $20.20/30, followed by $20.80, $21.70 and higher respectively.

3. The structure indicates that Silver remains constructive for bulls till prices remain above the $19.00 levels.

Trading recommendations:

Remain long, stop below $19.00, target is open.

Good luck!

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Technical analysis of Gold for Aug 29, 2014 Trend News

Technical outlook and chart setups:

1. Now, Gold is pulling back after printing intermediary highs around the $1,296.00 levels yesterday. The metal is expected to continue rallying further up towards $1,305.00 and higher up in the sessions to come by. It is recommended to remain long, risk remains below $1,270.00 levels.

2. Support is seen at $1,270.00, followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,325.00, followed by $1,340.00 and higher up respectively.

3. The structure indicates that Gold is set to print higher highs and higher lows from here on.

Trading recommendations:

Remain long, stop below $1,270.00, target is open.

Good luck!

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