Daily Technical Analysis Forex/DJIA/Gold

Daily Forex Technicals | Written by India Forex
Gold: Gold maintains its bullish bias as it gained nearly $20 yesterday and is now around $902. Further rally can be seen till the time $895 is held. Medium term Gold bullish. Bullish (Gold: $902.60)
Dollar index : The Dollar Index marginally broke past the support of 84 yesterday as the USD shed against the majors and charts are now neutrally poised indicating a slight range-bound session. A range-bound session can be expected from DI. (84.45). RANGE-BOUND to Bearish
Mizuho Bank
EURUSD
Comment: Holding above the top of the 'cloud' and the nine-day moving average, though lagging Pacific rim currencies. Similar patterns can be seen in a series of major currencies suggesting generalised US dollar weakness this month, probably a lot longer than that.Strategy: Buy at 1.3285; stop below 1.3090. Add to longs on a sustained break above 1.3450 for 1.3575/1.3600 and more further out.
Direction of Trade: →↗Chart Levels:
Support Resistance
1.3245 " 1.3331
1.32 1.3385
1.3165 1.3439
1.3100/1.3090* 1.352
1.3 1.3582*
GBPUSD
Comment: The strongest daily close since early January and some other currencies are doing something similar. Expect another squeeze higher this week and maybe all month, increasing as more currencies start seriously pulling in the same direction.
Strategy: Buy at 1.5075/1.5000; stop below 1.4700. Add to longs on a sustained break above 1.5175 for 1.5375 short term and then 1.5725/1.5800.Direction of Trade: →↗
Chart Levels:
Support Resistance
1.4990 " 1.51
1.49 1.5165*
1.4835 1.5285
1.47 1.5375*
1.4500* 1.5535
USDJPY
Comment: Tricky as prices are supported by a large Ichimoku 'cloud' yet a potential (if crooked) 'head-and-shoulders' pattern is forming. Expect more hesitation between 96.00 and 99.00 for the rest of this week.Strategy: Attempt shorts at 98.25, adding to 98.90; stop above 99.85. Short term target 97.65, maybe 97.15.Direction of Trade: → Chart Levels:
Support Resistance
97.90 " 98.99
97.6 99.57/99.69*
97.15 99.77
96.00* 100
95.63* 100.74
Epulse
EURO
The 1.3430 resistance level was able to halt further inclines for the Euro versus Dollar pair as it reversed movements to the downside to reach the support level at 1.3245 (the key resistance for the previously breached descending channel) where it seems like the pair is currently targeting the key support for the ascending channel. Today's downside target is at 1.3070 where we expect the pair is to rebound from this level towards 1.3450. The short term upside trend remains as far as 1.3070 is intact.The trading range for today is among the key support at 1.2800 and the key resistance at 1.3700 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
Support: 1.3245, 1.3190, 1.3175, 1.3120, 1.3070
Resistance: 1.3320, 1.3365, 1.3430, 1.3480, 1.3525
Recommendation: According to our analysis, sell the pair below 1.3245 with targets at 1.3070 and stop loss with four hour closing above 1.3320
GBP
The Cable breached the 1.5030 resistance level to appreciate and record the high for the day at 1.5160 before reversing back to the downside below the previously mentioned broken resistance where we believe these movements are correcting yesterday's sharp incline. We still hold our outlook to the upside on the short term towards 1.5270 and 1.5350 yet once again; a downside correction may reach 1.4915 where a breach of this level will possibly take the pair to 1.4765 before rebounding once again. The uptrend remains as far as 1.4725 is intact yet a close above 1.5080 will end the downside correction at 23.6%. The trading range for today is among the key support at 1.4240 and the key resistance at 1.5400. The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440
Support: 1.4950, 1.4915, 1.4845, 1.4765, 1.4725
Resistance: 1.5080, 1.5130, 1.5190, 1.5270, 1.5300
Recommendation: According to our analysis, buy the pair above 1.5080 with targets at 1.5270 and stop loss with four hour closing below 1.4950
JPY
The USD/JPY pair declined further yesterday where it currently stopped at the 38.2% for the bullish wave from 95.60 to 99.55 yet the short term trend remains to the upside targeting 103.00 as far as 96.00 remains intact. However today, targets are at 99.55 as far is trading remains above 97.15.The trading range for today is among the key support at 95.85 and the key resistance at 103.00. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 98.05, 97.15, 96.35, 95.90, 95.45
Resistance: 98.65, 99.55, 100.25, 100.70, 101.00
Recommendation: According to our analysis, buy the pair above 98.05 with targets at 99.55 and stop loss with four hour closing below 97.15
CHF
The Dollar versus Swiss inclined to retest the critical support level at 1.1385 where trading must remain below it to maintain the short term and intraday trends to the downside with targets at 1.1165 and 1.0980 respectively as far as the critical resistance at 1.1505 remains intact.The trading range for today is among the key support at 1.0980 and the key resistance at 1.1800. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
Support: 1.1270, 1.1240, 1.1165, 1.1100, 1.1055
Resistance: 1.1385, 1.1410, 1.1505, 1.1520, 1.1585
Recommendation: According to our analysis, sell the pair below 1.1385 with targets at 1.1270 and stop loss with four hour closing above 1.1505
CAD
The Dollar versus Loonie continues to trade within a minor descending channel where we see the pair is touching the key resistance for the channel. The short term trend remains to the downside with targets at 1.1570 as far as 1.8815 (61.8% Fibonacci correction) to continue the intraday trend to the downside for today where a breach of this level to the upside confirmed by a four hour closing above this level will open the way for the pair towards 1.1975 and then towards the key resistance for the major downside channel at 1.2215. The trading range for today is among the key support at 1.1570 and the key resistance at 1.2505. The general trend is to the upside as far as 1.1585 remains intact with targets at 1.3400
Support: 1.1700, 1.1655, 1.1585, 1.1515, 1.1450
Resistance: 1.1815, 1.1900, 1.1975, 1.2015, 1.2070
Recommendation: According to our analysis, sell the pair below 1.1815 with targets at 1.1655 and stop loss with four hour closing above 1.1900.
FXtechtrade
DOW JONES INDEX
Today's support: - 8347.50 and 8322.20(main), where a delay and correction may happen. Break of the latter will give 8280.13, where correction also can be. Then follows 8246.30. Be there a strong impulse, we would see 8218.13. Continuation will bring 8194.62.Today's resistance: - 8460.23(main), where a delay and correction may happen. Break would bring 8480.50, where a correction may happen. Then follows 8507.82, where a delay and correction could also be. Be there a strong impulse, we'd see 8528.90. Continuation would bring 8561.30 and 8606.22.