Daily forex technical analysis report – 09 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 09/04/2014

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Daily Technical Analysis Report


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GOLD ST Trend Down

Obj: 1265.00 TRP: 1321.20

DECEMBER FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1316.00 1321.20* -

SUPPORTS 1300.40 1291.60* 1285.00

Comment : Overall the market is still bearish, but near term corrections provide a friendly

posture, calling for additional rebounding or corrective days to test up around 132120*. A

close over 132120* will secure a short term turnaround and spark a bull upswing. If recovery

action fades against 132120*, suspect one more bear leg. A close under 129160* will resume

bear trending trade with chances for a drop to 126520*- 1262.

SILVER ST Trend Down

Obj: 19.5200 TRP: 20.9500


RESISTANCES 20.205 20.315 20.585

SUPPORTS 19.890 19.660 -

Comment: The market is short term bearish and still warns for a slide to 1952-. A drop under

1966 will resume declines to 1952 with a chance to probe against old lows from Dec-January.

Be prepared for several corrective days, possibly lifting flagging congestion up around 2030.

Closes over 2061 and 2095* are needed to signal a bullish turn.

COPPER ST Trend Sdwys /Down

Obj: 2.7100 TRP: 3.0885


RESISTANCES 3.0700 3.0885* -

SUPPORTS 3.0230 2.9925 2.9595

Comment: Overall the market is still bearish and drop below 29595 could resume declines to

test at 290-. Monday’s bounce suggests further recovery action into this week with rising

Commodities | Precious - Metals


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congestion that will push for a test at 30885* resistance for a bottoming turn. Be careful for a

setback from 30885* to prompt secondary selloffs.


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CRUDE OIL ST Trend Sdwys/Down

Obj: 104.00 TRP: 100.33

JANUARY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 103.40 104.23

105.50

SUPPORTS 101.76 101.19 100.33*

Comment: Yesterday’s thrust higher signals an upside breakout and opens up the market for

a bull advance to 104 as well as 10550. Trade is poised for aggressive rallies the next few days.

A push beyond 10423 should spark rallies. Any corrections should find support back around

the upturn level near 10162. Only a close under 10033* marks a reversing turn back to lower

prices.

NATURAL GAS ST Trend Sdwys

Obj: 4.636 TRP: 4.347


RESISTANCES 4.568 4.636* -

SUPPORTS 4.460 4.377 4.347*

Comment: Current rebounds are twisting short term trend forces up and hints for climbing

moves to 4636*. Be prepared for near term sideways congestion along 4400+/- as trade works to

turn trend momentum forces up. Stable action over 4400+ will build for rallies. Only a close

under 4347* rekindles bear trend forces.

Commodities | ENERGY


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MINI S&P ST Trend Up

Obj: 1793.50 TRP: 1869.00


RESISTANCES 1853.00 1869.00* -

SUPPORTS 1826.00 1812.00 1793.50*

Comment: The sharp two day break signals a topping bear reversal and should drive

corrective selloffs to attack the 182350 swing low. A close under 1826 implies a larger

unfolding bear wave to 179350*-. We may again see some consolidation action inside

Monday’s range, but tight congestion should bear flag. A close over 1869* is needed to

recapture bull trend forces.

MINI DOW ST Trend Up

Obj: None TRP: 16163


RESISTANCES 16244 16300+/- 16395*

SUPPORTS 16163* 16107 15911-

Comment : The sharp break suggests a topping reversal and targets corrective selloffs that

may attack the 15911 swing low. A close under 16163* confirms a bear turn and calls for an

unfolding bear wave to 15911- . We may see some consolidation action inside Monday’s

range, but tight congestion should bear flag. A close over 16395* is needed to recapture bull

trend forces.

MINI NASDAQ ST Trend Up

Obj: 3450.00 TRP: 3594.75


RESISTANCES 3456.50 3573.50 3594.75*

SUPPORTS 3489.00 3450.00+/- 3437.00

T Bonds | INDICES


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Comment: The market is showing a bear turnover, calling for a sliding move back through the last major bull wave to reach for support around 345000-. Yesterday’s inside day keeps trade poised for selloffs and any corrective congestion trapped within Monday’s range should quickly return to selloffs. Only a close over 359475* negates the bear trend alignment.


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SOYBEANS ST Trend Sdwys/Up

Obj: None TRP: 1438.75


RESISTANCES 1490.00 1496.00 1516.00

SUPPORTS 1466.00 1458.00 1454.00

Comment: The market remains in a bull drive with recent sideways congestion days forming

a bull flag. A close over 1490/1496 is needed to launch a drive around 1545+/-. Another back

off from 1490+ cautions for selloffs. Corrections should find support along the upper edges of

previous congestion. Only a close under 1438 3/4* negates the breakout signal.

SOYMEAL ST Trend Sdwys/Up

Obj: 497.70 TRP: 463.40

JANUARY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 481.10 485.10 491.50

SUPPORTS 472.30 469.90 463.40*

Comment: The market is bullish, showing a breakout into new highs and signaling for a

drive to 49770. Trade is bull flagging and positioning for aggressive rallies the next few days.

Corrective dips should fight to hold within last Monday’s range to maintain the upside

breakout signals. Only a close under 46340* highlights a topping turnover.

SOYBEAN OIL ST Trend Sdwys/Up

Obj: 43.06 TRP: 40.80


RESISTANCES 42.35 42.77 43.06*

SUPPORTS 41.76 41.44 40.80*

Comment: The market is signaling a short term bottoming upturn and suggests a climbing

advance to 4306* retracement resistance over the coming week. A close over 4306* is bullish.

Any minor corrective dips should hold off the low 4100’s to build a staging level for advance. A

Commodities | GRAINS


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close under 4080* is needed for a reversing downturn.


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WHEAT ST Trend Down


MARCH FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 685.00 686.00 691.00*

SUPPORTS 670.00 661.00 658.00

Comment : Overall the market is short term bearish. We may see secondary selloffs, but this

week’s bounce suggests a near term turn for corrections. Stable congestion over Monday’s

range low will promote a multiday retracement, working choppy rallies up into the 690-699*

range. A close below 658 1/2 is needed to open up a larger selling wave.

CORN ST Trend Down

Obj: 515.00+ TRP: 489.50


RESISTANCES 510.00 515.00+ -

SUPPORTS 499.00 494.00 -

Comment: Last week’s rallies still indicate an upside breakout over recent sideways flagging

congestion and creates potential for a significant bull wave to 515+. As long as corrective

setbacks hold against previous flagging levels under 492-, trade should maintain the bull

posture. A breakout over 515 will likely spark rallies. A close under 489 1/2* signals a reversing

turn to the downside.


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SUGAR ST Trend Down



RESISTANCES 17.30 17.60* -

SUPPORTS 16.87 16.80 16.49-

Comment: Last week’s drop off signals a short term bear reversal with a chance for sustained

choppy declines to 1650. Trade is poised for selloffs, but modest recovery / congestion late

last week could prompt sideways higher consolidation inside last Tuesday’s downturn for a

bear flag setup today. Only a close over 1760* rekindles bull trend forces.

COFFEE ST Trend Sdwys/Up

Obj: 201.50 TRP: 180.05


RESISTANCES 201.50 202.80 206.00+

SUPPORTS 190.30 189.45 185.90

Comment : The market is powering secondary rallies to challenge against the last swing high

/ peaking levels at 20150+. A close over 20595 will confirm a breakout attack beyond the

20975+ high. Yesterday’s rally hit the expected 20150 target and we should be prepared for a

couple corrective congestion days back in the upper 180’s. A drop under Monday’s low is

needed to pressure retracements into a test of 18005* support.

COCOA ST Trend Up



RESISTANCES 3006.00 3033.00 3039.00

SUPPORTS 2956.00 2941.00 -

Comment: The push back through last week’s selloff has muscled a positive turn and hints for a breakout attack over the 3039 swing high. A climb through the previous downturn gap at 3002-

Commodities | SOFTS


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3012 is bullish and should fuel rallies to reach new highs beyond 3039+. If we see rallies rejected against 3002-30, be ready for a slip into additional sideways congestion along 2950. A close under 2941* is needed to flip trend forces back to peaking action.


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COTTON ST Trend Down

Obj: 89.64 TRP: 94.86


RESISTANCES 92.48 93.17 94.86*

SUPPORTS 90.98 90.33 89.64*

Comment: The market remains in a bear pattern and calls for pressured trade to test a key 8964*

support. A close under 8964* marks a multi-week peaking turn and should foster selloffs to

8600-. However, the reluctance to penetrate below 9000 is likely bouncing near term trade and

hints for sideways higher congestion for several days. A close over 9486* is needed to rekindle

bull trend forces.


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EURO ST Trend Sdwys/Down



RESISTANCES 1.3810+ 1.3854* -

SUPPORTS 1.3755 1.3734 1.3722*

Comment : The market is still in a bear trend, but this week’s climbing retracement of last

week’s range provides near term positive signals and hints for a larger retracement up around

13854*. A pop over last week’s high could spark a run at 13854*. A close over 13854* will

confirm a reversing turn back to higher levels. A close under 13722* is needed to rekindle

bear trend forces.

B POUND ST Trend Sdwys/Up

Obj: 1.7000 TRP: 1.6622


RESISTANCES 1.6765 1.6773 1.6805

SUPPORTS 1.6661 1.6658 1.6622*

Comment: The thrust higher on Tuesday marks a bull upturn and calls for pressing rallies to

attack for a bull breakout over the 16805 swing high. A breakout beyond 16805 opens up

potential for an emerging bull wave over 170+. We may see minor consolidation of gains in

the upper half of yesterday’s run, but a close under 16622* is needed for a reversing turnover.

J YEN ST Trend Down



RESISTANCES 0.9869 0.9889 0.9930

SUPPORTS 0.9793 0.9760 0.9695*

Comment: Yesterday’s sharp rally signals a reversing turn and warns for a larger emerging bull

wave that will try to push over the sideways lower congestion of the past couple months. A

Forex | CURRENCIES


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breakout over 9886-89 creates a bull swing objective to 10030. We may see near term

consolidation in the upper half of yesterday’s run, but tight congestion will build a staging level

for rallies. A close under 9695* marks a bear reversal turn.


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AUSSIE$ ST Trend Down

Obj: 0.9362 TRP: 0.9148


RESISTANCES 0.9362+ 0.9390 0.9410

SUPPORTS 0.9252 0.9209 0.9148*

Comment: The market is in a bull drive and yesterday’s punch over recent congestion alerts

for a bull leg up to 9362+. Trade is poised for aggressive rallies the next few days. A close

over 9410 is bullish. Any corrections should try to hold along the upper edges of previous

congestion around 9250+/-. A drop under 9209 is needed for a near term reversal, sending a

drop against 9148*.

CANADIAN$ ST Trend Sdwys/Down

Obj: 0.9181 TRP: 0.8961


RESISTANCES 0.9152 0.9163 0.9188

SUPPORTS 0.9072 0.9067 0.9040

Comment: The climbing moves from last week signal a short term upturn and suggests a

drive to 9150- 9200. Trade is poised for rallies, but a minor slip may check support around

Monday’s sideways inside day as trade consolidates gains. Congestion trade that stays over

9067 should bull flag. A close under 8961* rekindles bear trend forces.

SWISS FRANC ST Trend Sdwys



RESISTANCES 1.1360 1.1385* -

SUPPORTS 1.1282 1.1250- -

Comment: The market posture is still bearish, but a close under 11244 is needed to rekindle

down trending action. The two day retracement this week marks a near term friendly upturn and

hints for additional retracements, leading to a test of the 11385* resistance. A close over 11385*

confirms a bull upturn push to test the March peaking levels.

Disclaimer: This Report Is only for General Information. Opinions/Estimates Contained Herein is Subject to


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Change without Notice. The Data/Information Herein Provided Is Believed to Be Reliable But Does Not Warrant

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Daily forex technical analysis report – 09 04-2014

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Transcript of Daily forex technical analysis report – 09 04-2014