Brokers Star - Daily Technical Analysis - page 5
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7th August 2013
USD/JPY Technical Analysis
USD/JPY H1 Outlook
Yen is very bearish as we can see on the chart. Price breaks a key support level at 97.65 yesterday with strong momentum. Price has rejected this 97.65 support for several times in the past. Price is likely to retrace back to the 97.65 resistance level which is previous support level.
Stop Loss can be placed a few pips above the red box to protect from any big loss. It's recommended to wait for a price action confirmation or any other confluences to avoid any fake signal. Profit target may be placed at the most recent swing low which is also a support level on 4 hour time frame chart.8th August 2013
NZD/USD Technical Analysis
NZD/USD Daily Time Frame Outlook
New Zealand dollar has been quite bearish recently thus we may look for quite a few short opportunities. Yesterday price hit a key resistance level at 0.8000 which is a big round number/psychology level and price rejected the level. If price creates a price action signals here, we may consider to go short here since it's a big round number with bearish trend.
If price breaks through the 0.8000 key resistance level, then we may go short at the next resistance level (green box) at 0.8100 which is also a round number/psychology level. We may place our profit target at the next key support level at 0.7740 (blue box) but first we have to go through the 0.8000 support level if we short at 0.8100 resistance level and this 0.8100 resistance level may give us a low risk high reward trade.9th August 2013
Oil Technical Analysis
Oil Daily Time Frame Outlook
Crude Oil is still in a strong up trend. Yesterday, price created a pin bar with long shadow at the 102.50 support level which shows that we have a lot of buyers at the 102.50 support level. Besides, we have a clear fakeout which makes this pin bar more reliable. If price breaks above the high of the pin bar, we may consider to enter it as the momentum is still very bullish.
Our next key resistance will be at 108.70 and we may place our profit target there. If price breaks the support level, we may probably see price continue to falls lower to the next key support level at 100.00 which is also a big round number/psychology level.12th August 2013
EUR/USD Technical Analysis
EUR/USD H4 Outlook
Euro breaks above the 1.3300 resistance level (red line) and hit the next key resistance level at 1.3400 as we expected in our 6th August 2013 post (http://on.fb.me/19YtoNW). After price hit the 1.3400 key resistance level, it retrace back to our previous resistance level, 1.3300 which is now serve as a support level.
Euro is still in a strong bullish trend thus we may continue to search for long opportunity. As price approach the 1.3300 support level, price may bounce from here. But as usual, we will need price action confirmation or any other confluences to avoid getting false signal. If we are going to long this support level, we may place our stop loss a few pips below the support level to limit our loss.12th August 2013
EUR/USD Technical Analysis
AUD/JPY Daily Time Frame Outlook
Aussie Yen is still bearish on the bigger picture thus we may try to sell on rally to join the bearish trend. We have a key resistance level above at 90.00 which is also a big round number/psychology level. On top of that, Commodity Channel Index (CCI) is also approaching the overbought level, 100.00 which add confluences into the 90.00 key resistance level.
We may consider to go short here to continue riding the trend. Price action confirmation is needed to avoid any false signals and stop loss can be placed a few pips above the resistance level to limit the loss.14th August 2013
Gold Technical Analysis
Gold Daily Time Frame Outlook
Gold has been in a bearish trend for some time and yesterday we have a pin bar (more like a spinning top) at the 1338.00 resistance level as pointed out by the red arrow on the chart. At the same time, Commodity Channel Index (CCI) is showing overbought too. After price cross back lower the CCI 100.00 mark. It gives a sell signal and price is likely to falls lower to 1280.00 support level before breaking higher as the overall trend is still bearish.
However, we have higher highs and higher lows thus it may decrease the probability of this short position. If price breaks above the 1338.00 resistance level with strong momentum, price may continue to move higher to the next key resistance level at 1480.00 as there isn't any clear and strong resistance level till the 1480 resistance level.15th August 2013
Oil Technical Analysis
Oil Daily Time Frame Outlook
Oil has been rallying in the last 2 months and on last Friday 9th August 2013 (http://on.fb.me/14NjU7j) we have a pin bar and we recommended to go long there (green arrow) as we have a clear rejection and false break from the 102.50 support level. The next key resistance level is at 108.70 therefore we may place our profit target around there.
However, Commodity Channel Index (CCI) is at overbought situation and Consumer Price Index (CPI) from US will be released later therefore it's recommended to keep an eye on this long position to keep our profits. Trend is still very bullish thus it may continue to move higher and if price breaks above the 108.70 key resistance level with strong momentum, price might continue to moves higher to the next resistance level at 113.5016th August 2013
USD/JPY Technical Analysis
USD/JPY H4 Outlook
Yen have been trending lower for a few days with lower highs and lower lows. Yesterday we have a strong rejection from the 98.45 resistance level with a long tail pin bar as pointed with a red arrow on the chart. After the clear rejection, price moves lower and it's more likely to hit and stall at 96.85 support level before bouncing off higher or break lower as it's a strong support level. Short positions may place their profit target around the 96.85 support level and second profit target would be 98.80.
Yen do has the potential to move lower as price have created lower lows and lower highs in the last few weeks and we may also expect price to trend lower to the 94.00 support level. However, the long term overall trend is still bullish thus we have to be careful with our short positions.