#USDX Technical analysis for August 18, 2014

The Dollar index makes more of a sideways move inside a certain price range and there is no clear trend. The Dollar index has broken out of the upward sloping channel. This is a bearish sign. Bulls should be very cautious as a pull back lower is very possible.


usdx.jpg

Short-term support is found at 81.40. Short-term resistance is found at 81.70. The ichimoku cloud is very thin and this is a bearish sign. This means that there are increasing probabilities of breaking below 81.40 soon. Breaking below 81.40 will push price towards 81.


usdxd.jpg

The upward sloping channel is now broken. The 5 wave upward pattern may be complete but the final wave 5 is still mixed and not a clear pattern. This could mean that we are still inside wave 4. Soon, we will know if the sideways move between 81.70 and 81.30 is a corrective wave 4. Important support for the Dollar index in the daily chart is found at 80.90. A daily close above 81.50 will also be a bullish sign and that the Dollar index remains supported.


The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for August 18, 2014

1408349758_2014-08-18-EURNZD-8H.png


Today's support and resistance leves:


R3: 1.5852


R2: 1.5811


R1: 1.5793


Current spot: 1.5814


S1: 1.5758


S2: 1.5743


S3: 1.5725


Technical summary:


The rally of the 1.5714 low is clearly corrective and indicates that we will see one more decline to 1.5699 to end wave a of 2. Once support at 1.5699 has been tested, we should see a minor rally in wave b towards 1.5811 before the final decline in wave c of 2 to 1.5630. However, once wave 2 is in place, we should be looking for a new impulsive rally higher towards at least 1.6205 and possibly even higher.


Trading recommendation:


We took a nice little profit on our long position at 1.5785. We will sell EUR again at 1.5800 with a stop at 1.5825 and take profit at 1.5725.


The material has been provided by InstaForex Company - www.instaforex.com

Gold Wave analysis for August 18, 2014

Gold price has most probably completed the much anticipated pull back towards the 61.8% retracement I was expecting. Wave c has most probably been completed, so now I expect an upward reversal. Price is now expected to push higher towards $1,350 at least.


goldh4.jpg

Gold price has completed three waves down from $1,322 where the 5 wave pattern ended. Gold price has reached my 61.8% retracement target. It should now reverse upwards above the Ichimoku cloud at $1,314. This will be the first bullish sign that an important low is hit. The decline is clearly corrective and there are increased chances of seeing Gold price move higher again.


goldd.jpg

The daily chart shows that Gold price has re-entered inside the Ichimoku cloud but still holds above the lower end of the cloud. Price is expected to rise from the current levels towards my medium-term target of $1,350.


The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/JPY for August 18, 2014

2014-08-18-EURJPY-8H.png


Today's support and resistance levels:


R3: 137.42


R2: 137.36


R1: 137.28


Current spot: 137.14


S1: 136.95


S2: 136.75


S3: 136.60


Technical summary:


Wave iv spiked higher than the expected 137.34 (the high came in at 137.61), but most importantly resistance at 137.70 held firm. Now, we should see the final decline towards the ideal target at 134.34. The decline from 137.61 is in five waves. In the short term, we should see resistance in the 137.36 - 137.42 area protecting the upside for a break below support at 136.95. It confirms the next decline towards 135.05 before a flat or tiangle consolidation and then the final decline to 134.34 to end wave C.


Trading recommendation:


We are short in EUR from 137.30 with stop placed at 137.75. If you are not short in EUR yet, then sell near 137.36 with the same stop at 137.75.


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for August 18, 2014

General overview for 18/08/2014 10:00 CET


The corrective cycle in red wave 4 has been finished. Now, the market should rebound higher and make last five impulsive waves to the upside. Please, notice that to confirm this point of view the price mustn't violate the level of 1.0857. Otherwise, the impulsive count is invalidated and the market would be in a more complex and time-consuming corrective cycle.


Support/Resistance:


1.0785 - WS2


1.0826 - WS1


1.0857 - Impulsive Count Invalidation Line


1.0873 - Intraday Support


1.0901 - Weekly Pivot


1.0917 - Intraday Resistance


1.0942 - WR1


1.0951 - Key Level for Bears


1.0985 - Swing High


Trading recommendations:


Day traders and swing traders should consider opening BUY orders form the current price levels with SL below the level of 1.0857 and TP above the level of 1.0985.


usdcad_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/JPY for August 18, 2014

2014-08-18-EURJPY-8H.png


Today's support and resistance levels:


R3: 137.42


R2: 137.36


R1: 137.28


Current spot: 137.14


S1: 136.95


S2: 136.75


S3: 136.60


Technical summary:


Wave iv spiked higher that the expected 137.34 (the high came in at 137.61), but most importantly resistance at 137.70 held firm. Now, we should see the final decline towards the ideal target at 134.34. The decline from 137.61 is in five waves. In the short term, we should see resistance in the 137.36 - 137.42 area protecting the upside for a break below support at 136.95 confirming the next decline towards 135.05 before a flat or tiangle consolidation and then the final decline to 134.34 to end wave C.


Trading recommendation:


We are short in EUR from 137.30 with stop placed at 137.75. If you are not short in EUR yet, then sell near 137.36 with the same stop at 137.75.


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for August 18, 2014

General overview for 18/08/2014 09:30 CET


The corrective cycle in wave 2 of 3 has been completed in a zig-zag shape. Now, this pair is in an impulsive decline and only a breakout above the level of 138.02 invalidates the bearish outlook. The orange rectangular zone is the target for green wave (ii) to complete and then a decline should resume. The first clue supporting this view is the level of the 136.75 breakout. The mid-term bias is still bearish.


Support/Resistance:


135.71 - Technical Support


135.77 - WS2


136.45 - WS1


136.75 - Intraday Support


137.04 - Weekly Pivot


137.06 - Intraday Resistance


137.70 - WR1


138.02 - Swing High | Red Impulsive COunt Invalidation Level|


138.29 - WR2


Trading recommendations:


Day traders and swing traders should consider opening SELL orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45.


eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for Aug 18, 2014


Technical outlook and chart setups:


1. Silver is possibly forming the bottom around the $19.50 levels as seen here. Please, note that the metal is in between fibonacci 0.618 and 0.786 support levels of the rally between $18.60 and $21.60. A bullish reversal is a high probability at the current levels.


2. Support is seen at $19.40, followed by $19.00, $18.60 and lower, while resistance is seen at $20.10/20 (interim), followed by $21.70, $22.30 and higher respectively.


3. The structure indicates that Silver is looking higher up.


Trading recommendations:


Remain long, stop below $19.40, target is open.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for Aug 18, 2014


Technical outlook and chart setups:


1.Gold bounced off sharply after printing lows around the $1,292.00/93.00 levels on Friday. The metal is currently retracing and should be ready to rally again towards at least $1,338.00 as an immediate upside target. Recommendations are to remain long for now. Risk remains below $1,280.00.


2. Support is seen at $1,280.00, followed by $1,260, $1,240.00, and lower while resistance is seen at $1325.00, followed by $1,340.00/50, $1,388.00 and higher respectively.


3. The structure indicates that Gold remains buy on dips for now. Look forward for a fresh high towards $1400.00's and up.


Trading recommendations:


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


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for August 18, 2014

!EU.jpg


When the European market opens, some economic news will be released, for example, trade balance. The US will release some economic data as well, such as the NAHB Housing Market Index. So, amid the reports, EUR/USD will be moving with low volatility during this day.


TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3453.

Strong Resistance:1.3445.

Original Resistance: 1.3432.

Inner Sell Area: 1.3419.

Target Inner Area: 1.3387.

Inner Buy Area: 1.3355.

Original Support: 1.3342.

Strong Support: 1.3329.

Breakout SELL Level: 1.3321. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for August 18, 2014

!UJ.jpg


In Asia, Japan will not release any economic data news. However, the US will publish some economic data such as NAHB Housing Market Index. So, there is a big probability the USD/JPY pair will be moving with low volatility during the day.


TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.87.

Resistance. 2: 102.67.

Resistance. 1: 102.47.

Support. 1: 102.21.

Support. 2: 102.01.

Support. 3: 101.81. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of Gold for August 18, 2014

GOLDDaily.png


The metal opened with a mild bearish note to open higher in Asia’s session. As long as the precious metal is trading below 1305, bears will have an upper hand on a closing basis. Last Friday, gold hit the 50DSma and managed to close exactly at that level. On the upper side, if the metal breaches the $1,305 level, it can fly up to the $1,309, $1,314, and $1,318 levels. As we are recommending for the last few weeks, until the metal trades below $1,324.50 towards 1270, 1263 is an open target with strong support at 1292, 1285, and 1280.


Intraday cmp $1,301


The metal is trading below the hourly moving averages. On an hourly basis, the bulls will gain some strength above $1,305 and safe buy will be triggered above $1,309.


Buy only above $1,305.


The material has been provided by InstaForex Company - www.instaforex.com

Weekly forecast and an intraday analysis of USD/CAD for August 18-22, 2014

USD/CAD


Weekly view – August 18-22, 2014


USDCADDaily.png

The Canadian dollar is supported by the optimistic job data. The USD/CAD pair drifted to a week’s low from a 5-week high. The pair hit the 20WSma and managed to closed above that. In early Asian session, the pair opened above the 20WSma, but it is unable to breach the previous week’s closing level. On the down side, it has support at 1.0850,1.08, and 1.0780. On the upper side, the pair looks well only above the 1.0905 levels. It can fly up to the 1.0950 levels


For the rest of the month, the key support level existed at 1.0780 (50WSma)


Support: 1.0850, 1.0795, and 1.0780


Resistance: 1.0905, 1.0955, and 1.1


If a daily closure is below 1.0860, it will turn to selling at 1.0795 and 1.0780.


Intraday cmp 1.0890


USDCADH4.png

The prices are closed and trading is below the hourly key moving averages. Until the price closes above 1.0860, the bulls will move above 1.0905- 1.0950. For an hourly trading perspective, the pair has resistance at 1.0890 (12 ema), 1.0906 (21hrsma), and 1.0925 (34 hrsma). Safe buy will be triggered above 1.0925 for 1.0940, 1.0953, and 1.0980.


The material has been provided by InstaForex Company - www.instaforex.com

Weekly forecast and an intraday analysis of GBP/USD for August 18-22, 2014

1408328145_GBPUSDDaily.png


The cable has been continuing its losing streak trading at a 5-week low. The cable opened with a gap up in today’s opening deals. Last week, the cable touched the 200DSma and bounced from there. The cable has strong support zone between 1.666-1.6640. The pair again will face heavy selling pressure as soon as it closes below 1.6640. As we recommended to buy at 1.6682 in the survey on August 14th, we still recommend the same. Until the pair closes above 1.6640, the dead cat bounce will take place in the weekly base towards 1.6770 above this, it can fly up to 1.6786 and 1.68 earlier.


Support: 1.666(200DSma) 1.6640 (200DEma)


Resistance: 1.6740 1.6785 1.69


From the bearish view, a daily close below 1.6640 on the down side opens gates for the 1.66, 1.6555 and 1.6465 levels.


GBPUSDH4.png

For an hourly trading outlook, the price is opened above 12 ema and 4-hour candle closed above 12ema and 21hrSma. Until the price closes above 12ema, bulls will have an upper hand and a strong momentum will take place above 1.6745.


Safe traders should buy above 1.6745 with targets of 1.6760, 1.86, and 1.6850.


Selling at higher levels will be rather profitable.


The material has been provided by InstaForex Company - www.instaforex.com

Short-term forecast of EUR/JPY for August 18, 2014

EURJPYDaily.png


Last Friday, the pair finally closed above the 20DSma, which was a minor bullish view in the near term. It was rejected at 200DEma during last trading session and closed below that. In today’s Asian session, the pair opened with support of 20DSma. On the upside, the pair has strong resistance at 137.61 (200DEma). A daily close above 137.61 can extend its rally up to 137.77 and 138 which is a strong resistance in the short term. The short-term trend reversal will take place when the pair managed to close above 137.70 levels.


Support 137 136.36 135.72


The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for August 18, 2014

Daily chart: The USDX has made a pullback at the resistance level of 81.50. So, the USDX is likely to fall to the level of 81.15. If the USDX does make a breakout at that level, it would be expected to fall to the support level of 80.62, which would jeopardize the current bullish trend. The MACD indicator remains in the negative territory.


USDXDaily.png

H4 chart: The USDX continues to find resistance at the 81.72 level. So, this instrument was expected to try to fall back to the support level of 81.28. If the USDX manages to make a breakout at that level, the next target would be the 200-day moving average on this chart. Furthermore, if the USDX manages to a breakout at the resistance level of 81.72, it would be expected to go up to the level of 81.45. The MACD indicator is in the negative territory.


USDXH4.png

H1 chart: The USDX found strong resistance at the level of 81.58 so far. The USDX is trying to consolidate below the 200-day moving average with the formation of a bearish pattern. If the USDX does a breakout at the support level of 81.40, it's expected to fall to the level of 81.19. The MACD indicator remains in the negative territory.


USDXH1.png


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 81.58, take profit is at 81.73, and stop loss is at 81.44.


The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for August 18, 2014

Daily chart: The GBP/USD pair continues forming a bearish pattern over the support level of 1.6668. This level is very close to the 200-day moving average. So, this pair may perform a bullish rebound and regain the overall bullish trend. On the other hand, if the GBP/USD pair manages to make a breakout at the support level, it is expected to fall to the level of 1.6540. The MACD indicator is entering the oversold zone. Thus, the GBP/USD pair could enter a phase of consolidation.


GBPUSDDaily.png


H4 chart: This pair is trying to make a breakout at the resistance level of 1.6692 to climb to the next target level of 1.6731. However, GBP/USD may fall to the level of 1.6644. If the GBP/USD pair does a breakout at the 1.6644 level, it's expected to fall to the support level of 1.6583. The GBP/USD pair stays below the 200-day moving average. MACD indicator stays in the positive territory.


GBPUSDH4.png


H1 chart: The GBP/USD pair has formed several fractals at the level of 1.6700, which gives it great strength to this area in this chart. Therefore, the pair is likely to fall to the support level of 1.6629 in the coming hours. If the GBP/USD manages to make a breakout at that level, it is expected to fall to the level of 1.6578. The MACD indicator is entering the neutral territory.


GBPUSDH1.png


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 1.6629, take profit is at 1.6578, and stop loss is at 1.6682.


The material has been provided by InstaForex Company - www.instaforex.com