Daily Forex Technical Analysis Report – 29-04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 29/04/2014

www.sevenstarfx.com

MARKET WATCH A leading online forex broker that offers

most constructive updates about forex market that helps you to recognize right possibilities to make profit. Get daily updates of market watch about Metals like Gold, Silver, Copper, Energy, and Foreign Currencies like Euro, Great Britain Pound, USD and many more…

Daily Technical Analysis Report


www.sevenstarfx.com

GOLD ST Trend Sdwys/Down

Obj: 1264.00- TRP: 1307.40

JUNE FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1307.40*+ 1321.00+ -

SUPPORTS 1290.00+/- 1282.90* 1264.00-

Comment: Overall the market is in a bear trend, but last Thursday’s reversal alerts for a bull

shift to recover moves against 130740*. Look for follow recovery rallies today. A close over

130740* is bullish for a retracement near the recent downturn levels around 1321. A rejection

from 130740* should send dips around 1290+/-. A close under 128240* rekindles bear

trending moves to 1262-1262.

SILVER ST Trend Sdwys/Down

Obj: None TRP: 19.865

JULY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 19. 865* 20.040 20.200*

SUPPORTS 19.430- 19.160- -

Comment: The market is short term bearish, but last Thursday’s reversal alerts for a short

term bottoming turn. A close over 19865* will spark a larger recovery phase back to 2050+. If

trade struggles to extend over 19865*+, then expect residual bear forces to pressure trade to

congestion around 1950-1940 as the market works to shift momentum forces to the upside. A

close under 1916 is bearish.

COPPER ST Trend Up

Obj: 3.1800 TRP: 3.0150


RESISTANCES 3.1295 3.1840 3.2000

SUPPORTS 3.0710 3.0425 3.0150*

Comment: Last week’s punch over congestion of the past month gives bull signals and projects

Commodities | Precious - Metals


www.sevenstarfx.com

a short term advance back to the early March downturn levels near 318-320. Trade is poised for

continuation rallies. Any dips should fight to bounce off previous congestion highs. Only a

close under 30150* marks a reversing turn back to lower levels.


www.sevenstarfx.com

CRUDE OIL ST Trend Sdwys/Up



RESISTANCES 101.40 101.95 102.66*

SUPPORTS 100.42*+/- 99.78 -

Comment: Overall the market is in a bull trend, but near term corrections has trade back

against key 10042* support. A close under 10042* signals a short term reversing turnover for

harder corrections, possibly dropping into the 9900-9800 levels. However, suspect a fight to

bounce trade off 10042* and attempt secondary rallies. A close over 10266* is needed to

recapture bull trend forces.

NATURAL GAS ST Trend Up



RESISTANCES 4.800+ 4.893 -

SUPPORTS 4.744 4.695 4.620*

Comment: The market is still in a short term bull trend and pressing rallies past 4820 should

run a rally to challenge the late February reversal high. A breakout over 4893 projects to 5089*.

If trade struggles to extend over 4820+, then be ready for a reactionary slip to sideways

congestion near 4715+/-. A close under 4620* signals a reversing turn, extending defensive

trade back along 4500.

Commodities | ENERGY


www.sevenstarfx.com

MINI S&P ST Trend Sdwys/Up

Obj: 1886.00 TRP: 1833.25


RESISTANCES 1872.25 1884.00 1892.50

SUPPORTS 1854.00 1848.00 1833.25*

Comment: The market retains a bull structure for a breakout test at the last swing high. A

close over 188625 implies a bull moves to 1914-1920. Expect corrections to still fight for basing

action at 1854-. A few sideways congestion days over 1854+ should lead to renewed rallies as

we work through this week. Another sustained press below 1848 is negative, but a close

under 183325* is needed for a larger topping downturn.

MINI DOW ST Trend Sdwys/Up

Obj: None TRP: 16121


RESISTANCES 16446 16525 16574

SUPPORTS 16280 16242 16121*

Comment : The market is showing a bullish upturn and positioning to attack the last swing

high. A close over 16574 implies a bull moves beyond 16800+. Friday’s selloff implies

potential for a corrective pull backs around the central levels of trade over the past couple

months near 16250+/-, but holding over 16200+ should setup a staging level for rallies. A

close under 16121* is needed for an outright downturn .

MINI NASDAQ ST Trend Sdwys/Down



RESISTANCES 3559.00 3565.50 3607.75*

SUPPORTS 3510.75 3486.25*- -

Comment: Overall the market is still in a bear trend. The back off from 360775* resistance is

T Bonds | INDICES


www.sevenstarfx.com

fostering secondary selloffs, but key on a close under 348625* to drive trade back to the last

swing low. Monday’s bounce from under 348625* hints for sideways higher trade the next few

days. A close over 360775* confirms a bottoming turn to launch moves to 365500-367500.


www.sevenstarfx.com

SOYBEANS ST Trend Sdwys/Up



RESISTANCES 1504.00 1517.00 1521.00

SUPPORTS 1486.00 1477.00 1470.00

Comment: The market is bullish, signaling an upturn from minor corrections and projecting

follow through rallies this week to 1517+. A close over 1521 targets a drive to 1540+. Any dips

should hold within Friday’s range if bull forces are retaking control. A drop under 1470

warns for selloffs against 1455 3/4*.

SOYMEAL ST Trend Up

Obj: 488.00 TRP: 475.30

JULY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 488.00 - -

SUPPORTS 480.40 478.30 475.30*

Comment: The market is bullish with trade reaching the expected 488 target. The formation

holds potential for a larger drive over 500+ following a close over 488+. Any dips should hold

47530* if bull forces have control. A slide back through 47530 warns for selloffs within the

460’s.

SOYBEAN OIL ST Trend Sdwys/Up



RESISTANCES 43.12 43.56 43.90

SUPPORTS 42.56 42.47* 42.20

Comment: The market is in a short term bull trend with potential to probe against the early March swing high. A pop over last week’s high will rekindle bull forces for a run to 4470+. Any additional defensive days should again try to hold over 4247* support. A close under 4247*

Commodities | GRAINS


www.sevenstarfx.com

warns for sustained corrections.


www.sevenstarfx.com

WHEAT ST Trend Sdwys/Up



RESISTANCES 714.00 720.00 725.00

SUPPORTS 700.00 695.00 687.00

Comment : The market has turned the bias of congestion to the upside and suggests rallies to

attack the March swing high. Be prepared for a slip into sideways trade along 700-695. A

close under 687 1/4* turns the bias of trade down.

CORN ST Trend Sdwys/Up

Obj: 520.00+ TRP: 501.00


RESISTANCES 517.00 524.00 -

SUPPORTS 506.00 501.00 -

Comment: Current positive trade action shows a return to a bull trend and projects a secondary

drive against the early April spike high. Trade is poised for continuation rallies today. Any dips

should stay over 501* to maintain bull developments. A close under 501* is needed to suggest a

reversing turnover.


www.sevenstarfx.com

SUGAR ST Trend Sdwys/Up

Obj: 18.29 TRP: 17.50


RESISTANCES 17.88 18.03 18.42

SUPPORTS 17.50* 17.36 17.30

Comment: In general the short term trend forces are up and calls for a push to challenge

previous swing highs. A bounce off 1750* will likely bring in fresh buying and send a run

back to 1800+. A close over 1836 is bullish. A close under 1750* or drop below 1730 marks a

reversing turn back to lower levels.

COFFEE ST Trend Sdwys/Up

Obj: 227.00 TRP: 200.15


RESISTANCES 218.10 216.00 219.00

SUPPORTS 201.00 200.15* -

Comment : The market remains in a bull trend with potential for climbing rallies to 227.

However, the setback of recent days puts trade into a test of key 20015* short term support.

Trade should fight to hold / bounce off 20015* to bull flag and stay setup for continuation

rallies. A close under 20015* marks a reversing turnover and drop below 190-.

COCOA ST Trend Sdwys/Down

Obj: 2885.00 TRP: 2998.00


RESISTANCES 2970.00 2995.00 2998.00

SUPPORTS 2940.00- 2916.00 2885.00

Comment: The market is suggesting a negative turnover with potential for a much larger

selloff. A penetration through 2940-30 implies a head & shoulder top that will open up initial

selloffs to 2885 as well as chances for declines to the low 2800’s. Trade may fight to rebound

Commodities | SOFTS


www.sevenstarfx.com

from 2940 and congest back through Friday’s range, but only a close over 2998* rekindles bull

forces.


www.sevenstarfx.com

COTTON ST Trend Sdwys/Up

Obj: 94.18 TRP: 89.49


RESISTANCES 93.48 94.18* 96.76

SUPPORTS 91.97 91.70 90.45-

Comment: The market suggested an upturn from sideways trade for a climb against 9418*

resistance. A close over 9418* is bullish. However, stalled rallies at 9348+/- hints for additional

defensive congestion days at 9250-9150. A close under 9045 is needed to drive selloffs to attack

8949* for a larger downturn.


www.sevenstarfx.com

EURO ST Trend Sdwys/Up

Obj: 1.3966 TRP: 1.3758


RESISTANCES 1.3874 1.3886 1.3930+

SUPPORTS 1.3814 1.3782 1.3758*

Comment : The market holds a short term friendly trend bias, but near term appears to be

working through defensive flagging corrections that may yet pressure dips under 13800-. A

close under 13758* is needed for a downturn and sustained selloffs under 13700-. Look for a

bounce off 13758*. A push over 13849+ could spark rallies, but a close over 13885 is needed to

send trade to attack the 13966 swing high.

B POUND ST Trend Sdwys/Up

Obj: 1.7000+ TRP: 1.6721


RESISTANCES 1.6833 1.6870 1.7000+

SUPPORTS 1.6761 1.6745 1.6721*

Comment: The market is bullish and breakout into new highs opens up potential for an

emerging bull wave over 170+. Stable action over 168+ should encourage rallies. A slip under

Monday’s low warns for near term defensive trade around 16750+/- to develop a bull flag.

Only a close under 16721* voids the breakout and signals for short term selloffs into the 167-

166 levels.

J YEN ST Trend Up



RESISTANCES 0.9781 0.9821* 0.9877

SUPPORTS 0.9737 0.9734 0.9702*

Comment: In general the market holds a slight bull bias, but near term trade is backing away

Forex | CURRENCIES


www.sevenstarfx.com

from previous congestion resistance highs and could extend defensive consolidation action

around 9800-9702* for another week. A close under 9702* is bearish. A close over 9821* calls for

another thrust against congestion range highs. A breakout over 9886-89 creates a bull swing

objective to 10030.


www.sevenstarfx.com

AUSSIE$ ST Trend Sdwys/Down



RESISTANCES 0.9250 0.9286 0.9341*

SUPPORTS 0.9216 0.9190 0.9101*

Comment: The market is signaling a negative turnover and on the verge of a larger selling

wave. Look for continued pressured trade to probe at 9216-9209. A press under 9209 could

open up a wash to 9101*. Trade may try to correct back within last Wednesday’s downturn

for 1-2 days, but a close over 9341* is needed to fully rekindle bull trend forces.

CANADIAN$ ST Trend Sdwys/Down

Obj: 0.9003 TRP: 0.9134


RESISTANCES 0.9087 0.9130 0.9134*

SUPPORTS 0.9037 0.9003 0.8985

Comment: The market is signaling a shift to short term bear trending moves that could

continue a slide along 9003-. A drop through 9037- will promote declines. Any rally attempts

should struggle in the low 9100’s and only a close over 9134* marks a return to bull trending

moves that will attack the 9195 swing high.

SWISS FRANC ST Trend Sdwys/Up



RESISTANCES 1.1398 1.1401 1.1428

SUPPORTS 1.1335 1.1279* 1.1222-

Comment: The market shows near term corrections pressuring for a test of the 11279* support,

but trade that holds 11279* retains a slight bull bias. A pop over 11397 could launch another bull

wave to push for a test / breakout over the mid-March swing high. A close under 11279* marks

a reversing turnover and drop against the early April swing low.

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


www.sevenstarfx.com

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

for Its Accuracy/Completeness. We are Not Liable for Any Action Taken by Any Party Based on the above

Information. This Material Is Not Intended As An Offer Or Solicitation for the Purchase or Sale of Any Financial

Instrument.

Daily Forex Technical Analysis Report – 29-04-2014

Documents

Transcript of Daily Forex Technical Analysis Report – 29-04-2014