Daily analysis of SILVER for August 07, 2015

SILVERH4.png

Overview

According to the attached H4 chart, Silver price showed an initial breach to the bearish channel's resistance as the price moves inside a minor bullish channel that appears on image, which might push the price to attempt to stop the recently dominating negative pressure. On the other hand, stochastic offers negative signal now that might push the price to decline again, thus, the minor bullish channel could form a bearish flag pattern that will assist to put the price back to the overall bearish trend in case breaking its support line at 14.50. Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the next trend keys represented by 14.50 support and 14.80 resistance, as breaching one of them will offer clearer signal for the next destination on the intraday and short-term basis.

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

Daily analysis of GBP/JPY for August 07, 2015

GBPJPYH4.png

Overview

According to the shown H4 chart, below the 190.99 support bias will be turned back to the downside for 184.95 and possibly further to the 61.8% retracement of 174.86 to 195.86 at 182.88. In the bigger picture, the uptrend from 116.83 is still in progress and would target 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. The medium-term momentum is not too convincing with bearish divergence condition in the weekly MACD. We'd be cautious in the medium term topping around 200 and bringing a deep correction. Meanwhile, a break of 174.86 will suggest that the trend has reversed earlier than we expect.

Daily Pivots: (S1) 192.00; (P) 193.58; (R1) 194.01

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