EUR/NZD analysis for August 14, 2014

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Overview:


Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price was tested at the level of 1.5711 in a volume above the average. We can observe successful rejection from our Fibonacci expansion 161.8% at the price of 1.5815, which is a sign that buying at this stage looks risky. 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: 1.5851


R2: 1.5871


R3: 1.5902


Support levels:


S1: 1.5789


S2: 1.5769


S3: 1.5738


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


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Technical analysis of GBP/USD for August 14, 2014

Overview :



  • The first key level will set at the price of 1.6730 and the second key level will set at the 1.6771 level today. Also, it should be noted that both levels represent the weekly resistance 1 and resistance 2 respectively. Equally important, the weekly pivot point sets at the price of 1.6809. Moreover, the price of the GBP/USD pair has still been moving between 1.6657 and 1.6730. Additionally, it should be mentioned that the range will be about 58 pips today. As a further matter, the trend is very clear and indicating upward move. Accordingly, we expect that the trend is going to call for the bearish market at the level of 1.6730. As a result, buy at the price of 1.6730 with the target of 1.6657 in order to test the double bottom in H4. On the other hand, your stop loss should be placed above the weekly pivot point which sets at the 1.6809 level. Thus, it will helpful to set it at the price of 1.6833 this week.


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Intraday technical levels:


Date:14/08/2014


Pair:GBP/USD



  • R3: 1.6946

  • R2: 1.6880

  • R1: 1.6826

  • PP: 1.6760

  • S1: 1.6706

  • S2: 1.6640

  • S3: 1.6586


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Gold analysis for August 14, 2014

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Overview:


Since our last analysis, gold has been trading sideways, around the price of 1,315.00. We are still waiting for larger movement and larger volume (activity). According to the Daily time frame, we can observe another weak demand candle and successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see the level of 1,343.00 is being tested. My advice is to watch for selling opportunities after retracement. I have placed Fibonacci expansion from most recent ABC swings and I got Fibonacci expansion 100% at the price of 1,318.00.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,316.27


R2: 1,318.73


R3: 1,322.70


Support levels:


S1: 1,308.33


S2: 1,305.87


S3: 1,307.91


Trading recommendations: Buying Gold looks risky since we got successful rejection from our Fibonacci retracement 61.8%.


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Technical analysis of EUR/USD for August 14, 2014

The daily pivot point: 1.3387


eurusdh1.png

Overview :



  • Due to the previous events, the price of EUR/USD pair has still been between the levels of 1.3420 and 1.3366. Therefore, it is recommended to be careful while making deals inside this area. Also, it should be noted that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel (the range will be from the level of 1.3440 and the 1.3333 level). Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend because the support has already set at the level of 1.3333. In other words, buy deals are recommended above the 1.3333 level with the first target at the level of 1.3390 to test the daily pivot point. From this point, the pair is likely to begin an ascending movement to the point of 1.3405 and further to the level of 1.3440. The level of 1.3440 will act as a strong resistance on August 14, 2014. Furthermore, it should be noted that the double top will set at the price of 1.3443. Nevertheless, if the pair fails to pass through the level of 1.3445, the market will indicate a bearish opportunity below the strong resistance level of 1.3440. In this regard, sell deals are recommended lower than the 1.3440 level in the long term with the first target at 1.3377. The pair is likely to turn downwards continuing the development of the bearish trend to the level 1.3340.


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