Daily forex technical analysis report – 14 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 14/04/2014

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GOLD ST Trend Down

Obj: None TRP: 1321.20

DECEMBER FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1321.20*+ 1326.30 1334.00

SUPPORTS 1313.70 1310.00 1295.50*

Comment : Overall the market is still bearish, but near term corrections has trade testing up

around 132120* resistance. A close over 132120* secures a short term turnaround and could

spark a bull upswing to 1340+. If trade is capped by 132120*, suspect one more bear leg. A

close under 129550* will resume bear trending trade.

SILVER ST Trend Down



RESISTANCES 20.220 20.585 -

SUPPORTS 19.890 19.660 -

Comment: Overall the market is short term bearish, but last Thursday’s spike higher hints for

near term corrections for a few days. A sustained push over 20315+ should produce rallies

and pop over 20585 will send a run to challenge the 2095* resistance. Trade suggests renewed

choppy sideways action just under 2000-, but only a drop off through 1966- resumes bear

trending.

COPPER ST Trend Sdwys /Down



RESISTANCES 3.0700 3.0885* -

SUPPORTS 3.0195 2.9925- 2.9595

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

test at 290-. Trade may yet attempt further recovery action and work rising congestion into a

Commodities | Precious - Metals


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push to test 30885* resistance for a bottoming turn. Be careful for a setback from 30885* to

prompt secondary selloffs. A close over 30885* implies a drive to 315-31650.


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CRUDE OIL ST Trend Sdwys/Down

Obj: 105.50 TRP: 101.60

JANUARY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 104.23 104.48

105.50

SUPPORTS 102.80- 102.40 101.60*

Comment: Overall the market is short term bearish, but last Thursday’s spike higher hints for

near term corrections for a few days. A sustained push over 20315+ should produce rallies

and pop over 20585 will send a run to challenge the 2095* resistance. Trade suggests renewed

choppy sideways action just under 2000-, but only a drop off through 1966- resumes bear

trending.

NATURAL GAS ST Trend Sdwys

Obj: 4.636 TRP: 4.362


RESISTANCES 4.755 4.845 5.089*

SUPPORTS 4.563 4.500+/- 4.405*

Comment: The market is short term friendly and Friday’s inside day keeps trade poised for

pressing rallies to challenge within the late February reversal high. A close over 4680 should

spark rallies. A breakout over 4893 projects to 5089*. We may see corrective congestion back

within last week’s range, but suspect support near 4500+/-. Only a close under 4405* signals a

reversing turn to bearish trade.

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MINI S&P ST Trend Up

Obj: 1793.50 TRP: 1860.00


RESISTANCES 1826.50 1829.00 1839.75+

SUPPORTS 1804.00 1793.50* -

Comment: The market is showing a downside breakout under congestion lows of recent

weeks and target a bear wave to 179350*. A close under 179350* calls for the complete

retracement of the last bull wave with a wash to 1745-. Be alert for a bounce off 179350*+/- on

the first test. Corrections should struggle to push back over 1840+.

MINI DOW ST Trend Up

Obj: 15960 TRP: 16331


RESISTANCES 16198 16160+ 16331*

SUPPORTS 15960- 15797 -

Comment : Last week’s break highlights a bear turnover. A sustained selloff through 15960-

15911 warns for a larger unfolding decline back to 15477. If trade is reluctant to extend under

15911-, be alert for a modest bounce into corrections. Trade should struggle to push back over

16160+ if bear forces have control. Only a close over 16331* marks a bull turn.

MINI NASDAQ ST Trend Up

Obj: 3437.00 TRP: 3546.75


RESISTANCES 3496.50 3524.00 3546.75*

SUPPORTS 3427.00 3415.00- -

Comment: The market is bearish and dropping to test the early February swing low. Be

prepared for selling to attack near the February low, but a reluctance to selloff below 341500-

hints for a bounce into corrections. A close under 341500 warns for a larger washout to 326350.

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Corrections should struggle in the 350000-355000 range if bear forces are in control. Only a close

over 354675* voids bear forces.


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SOYBEANS ST Trend Sdwys/Up



RESISTANCES 1497.00 1500.00 1516.00

SUPPORTS 1442.00 1436.00 -

Comment: Overall the market remains in a bull trend. A punch over 1490 could launch a

drive around 1520+/-. The back off late last week cautions for a shift to corrective trade and

we should be ready for further tests of support within the previous week’s congestion levels.

A close under 1436 1/2* confirms a topping reversal signal.

SOYMEAL ST Trend Sdwys/Up

Obj: 488.00 TRP: 456.90

JANUARY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 469.00 473.40 478.70

SUPPORTS 460.80 456.90* -

Comment: The market is bullish, but needs to punch into a breakout at new highs to renew

the bull drive and send a bull leg to 488. The near term slip lower at the end of last week

warns for near term corrections. A sustained penetration under 46080 warns for pressured

action against 45690*. A close below 45690* marks a peaking turn and drop under 449-.

SOYBEAN OIL ST Trend Sdwys/Up

Obj: 43.18 TRP: 41.25


RESISTANCES 42.64 43.18* -

SUPPORTS 42.02 41.70 41.25*

Comment: The market is short term friendly and could send a climbing run to 4318*

retracement resistance. A close over 4318* is bullish. The minor setback late last week hints for

minor corrective dips, but trade should hold off the upper 4100’s to maintain strong bull forces.

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A close under 4125* confirms a reversing downturn.


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WHEAT ST Trend Down

Obj: 661.00 TRP: 687.25.

MARCH FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 678.00 680.00 687.00

SUPPORTS 661.00* 647.00 639.00

Comment : The market is short term bearish and targeting a selloff to test 661* retracement

support. A close under 661* should open up additional declines to 647 1/2-639 1/4. A

reluctance to extend under 661* may trigger near term rebounds and lead into sideways

flagging corrections near 680+/-. Only a close over 687 1/4* marks a short term turnaround

for a secondary drive over 700+.

CORN ST Trend Down



RESISTANCES 510.00 517.00 524.00

SUPPORTS 499.00 497.00* 488.00-

Comment: Last week’s reversal from a new high alerts for a peaking turn and we should be

prepared for additional corrective setbacks to test down at 497* support. A close under 497*

alerts for a short term peaking turnover and drop into the 490-480 zone. A close over 517 is

needed to spark fresh rallies into new highs.


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SUGAR ST Trend Down

Obj: 16.82 TRP: 17.97


RESISTANCES 17.60 17.71 17.97*

SUPPORTS 17.38- 17.19 16.82

Comment: Friday’s break suggests a downturn from flagging action, rekindling the short

term downturn and warns for sustained declines to 1700-1680. Trade may try to climb back

into recent congestion and resume sideways higher flagging action. However, only a close

over 1797* rekindles bull trend forces.

COFFEE ST Trend Sdwys/Up



RESISTANCES 208.00 211.50 227.00

SUPPORTS 201.00 199.90 194.50*

Comment : Last week’s rallies challenged against the last swing high, trying to force a

breakout at new highs. A close over 21150 projects a drive to 227. Friday’s pullback from the

old high hints for corrective congestion for a few days, but trade should fight to hold off

19450* to keep bull forces. A close under 19450* signals for a multi-week correction phase.

COCOA ST Trend Up



RESISTANCES 3013.00 3034.00 3047.00

SUPPORTS 2965.00* 2940.00- -

Comment: The choppy rallies of the past week indicate a positive turn and hints for a breakout

attack over the 3047 swing high. Any corrective dips that hold off the 2965* should fuel rallies to

Commodities | SOFTS


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attack over 3047+. Be prepared for sideways congestion today, but watch for the bounce from

2975-65*. A close under 2965* is needed to send dips to recent congestion lows and challenge for

peaking action.


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COTTON ST Trend Down

Obj: 89.49 TRP: 92.89


RESISTANCES 91.40 92.10 92.89*

SUPPORTS 90.00+/- 89.49 -

Comment: The market is short term bearish, but trying to hold within the larger bull trend. Be

ready for a press under 9000- to send dips to test 8949* support. A close under 8949* highlights

a larger top for declines to 8775-. If we see trade stabilize over 8949*+, then watch for creeping

rallies. A close over 9289* will rekindle bull trending trade.


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EURO ST Trend Sdwys/Down

Obj: 139.66 TRP: 1.3758


RESISTANCES 1.3911 1.3942 139.66

SUPPORTS 1.3846 1.3809 1.3797

Comment : Last week’s climbing rallies signal a bull upturn out recent corrections and has

the market positioned to push for a breakout attack over the 13966 swing high. A close over

13966 is bullish and implies a larger emerging bull advance over 14020+. Be prepared for

resting resistance against the mid- March peaking levels over 13900+ that could trigger near

term setbacks and shift to flagging congestion over 13800+.

B POUND ST Trend Sdwys/Up

Obj: 1.7000+ TRP: 1.6646



SUPPORTS 1.6708 1.6691 1.6646*

Comment: The thrust higher last week 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+. Friday’s setback hints for minor consolidation

of gains back in the upper edges of last Tuesday’s run, but a close under 16646* is needed for

a reversing turnover.

J YEN ST Trend Down



RESISTANCES 0.9869 0.9889 0.9930

SUPPORTS 0.9813 0.9771 0.9702*

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

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

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

consolidation slip into the upper edges of last Tuesday’s run, but tight congestion will build a

staging level for rallies. A close under 9702* marks a bear reversal.


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AUSSIE$ ST Trend Down




SUPPORTS 0.9330 0.9278 0.9259*

Comment: The market is bullish, but trade has achieved the 9362+ target. Trade remains

poised for rallies, but a close over 9410 is needed to continue stretching rallies. Be ready for

near term corrections for a week of flagging congestion, although, only a close under 9259*

confirms a peaking turnover.

CANADIAN$ ST Trend Sdwys/Down



RESISTANCES 0.9128 0.9159 0.9200

SUPPORTS 0.9084 0.9061* -

Comment: The market is short term bullish, but stalling within the target zone at 9150-9200.

Trade is still poised for rallies, but a close beyond 9200-10 is needed to add a stretching run to

9255-76. Be prepared for additional corrective trade, consolidating gains along 9100-.

Congestion trade that stabilizes over 9100 should bull flag. A close under 9061* signals a bear

turnover.

SWISS FRANC ST Trend Sdwys

Obj: 1.1490+ TRP: 1.1279


RESISTANCES 1.1428 1.1490 1.1503

SUPPORTS 1.1370 1.1330 1.1279*

Comment: Last week’s rallies have powered a bull upturn, signaling for a push to attack the

mid-March swing high. A breakout over 11503 implies a drive to 11555+. Be careful for resting

resistance against the previous peaking congestion which could trigger minor setbacks, but

tight sideways consolidation around the mid 113 levels will bull flag. A close under 11279* is


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needed for a reversing turnover.

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

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Daily forex technical analysis report – 14 04-2014

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Transcript of Daily forex technical analysis report – 14 04-2014