daily forex technical analysis report – 30-04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 30/04/2014

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Daily Technical Analysis Report


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GOLD ST Trend Sdwys/Down

Obj: 1264.00- TRP: 1307.40

JUNE FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1300.60 1307.40*+ 1321.00+

SUPPORTS 1288.00 1282.90* 1264.00-

Comment: Overall the market is in a bear trend, but last week’s rebounding action has

started some recovery moves that could climb 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 close under 128290* 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 3.1040 3.1295 3.2000

SUPPORTS 3.0655 3.0425 3.0150*

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

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

Commodities | Precious - Metals


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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.


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CRUDE OIL ST Trend Sdwys/Up



RESISTANCES 101.51 102.00+ 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 Sdyws/Up



RESISTANCES 4.893 - -

SUPPORTS 4.761 4.710 4.631*

Comment: The market is short term bullish and pressing rallies to challenge the late February

reversal high. A breakout over 4893 projects to 5089*. If trade struggles to breakout over 4893,

then be ready for a reactionary slip to sideways congestion near 4740+/-. A close under 4631*

signals a reversing turn, extending defensive trade back along 4500.

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MINI S&P ST Trend Sdwys/Up

Obj: 1886.00 TRP: 1833.25


RESISTANCES 1875.00 1884.00 1892.50

SUPPORTS 1862.25 1854.00 1848.00

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 16525 16574 -

SUPPORTS 16382 16280 16242

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+. Near term action may yet show

corrective pullbacks around the central levels of the past couple months near 16300-16250, but

holding over 16200+ should setup for rallies. A close under 16121* is needed for a downturn.

MINI NASDAQ ST Trend Sdwys/Down



RESISTANCES 3593.00 3594.00 3607.75*

SUPPORTS 3524.00 3504.00 3486.25*-

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

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

T Bonds | INDICES


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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+.


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SOYBEANS ST Trend Up



RESISTANCES 1521.00 1540.00+ -

SUPPORTS 1501.00 1494.00 1483.00

Comment: The market is bullish, ready to breakout into new highs. A close over 1521 targets

a drive to 1540+. Any dips should hold within Friday’s range off the 1483 1/4* support if bull

forces have control. A drop under 1470 or close under 1483 1/4* warns for a reversal and

selloffs to 1455 3/4*.

SOYMEAL ST Trend Up

Obj: 504.00 TRP: 477.00

JULY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 400.70 504.40 -

SUPPORTS 481.00+/- 478.70 477.00*

Comment: The market is bullish with the breakout into new highs alerting for a strong bull

phase that could power rallies to 504. Trade is poised for rallies and stable action over 480+

should promote advances. Any dips should hold 477* if bull forces have control. A reversal

downturn through 477* 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*

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warns for sustained corrections.


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WHEAT ST Trend Sdwys/Up



RESISTANCES 720.00 725.00 -

SUPPORTS 704.00 700.00 687.00

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

attack the March swing high. A breakout over 725 1/4 could spark rallies to 740+. Be

prepared for additional sideways trade along 700+/-. A close under 687 1/4* turns the bias of

trade down.

CORN ST Trend Up

Obj: 520.00 TRP: 502.25


RESISTANCES 524.00 532.00 535.00

SUPPORTS 512.00 508.00 502.00

Comment: The market is bullish, showing a preliminary breakout and projects a secondary

drive beyond the early April spike high. A surge into new highs could generate rallies that

reach near 540. Any dips should hold the central levels of congestion around 510+/2 1/4 to

maintain bull developments. A close under 501* is needed to suggest a turnover.


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SUGAR ST Trend Sdwys/Up

Obj: 18.29 TRP: 17.50


RESISTANCES 17.80 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 216.00 219.00 227.00+/-

SUPPORTS 206.10 205.90 200.15*

Comment : Yesterday the market rebounded from under the 20015* support into a bull

reversal. The surge higher alerts for a turn back to the prevailing bull trend with potential for

rallies to 227. Any corrective dips should congest over the low 200’s and use congestion to

build a staging level for continuation rallies. A close under 20015* marks a bear turnover.

COCOA ST Trend Sdwys/Down

Obj: 2885.00 TRP: 2998.00


RESISTANCES 2970.00 2995.00 2998.00*

SUPPORTS 2940.00- 2922.00 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

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

forces.


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COTTON ST Trend Sdwys/Up

Obj: 94.18 TRP: 92.09


RESISTANCES 94.18* 94.66 96.76

SUPPORTS 93.30+/- 92.09* -

Comment: The market triggered an upturn from sideways trade, lifting a rally against 9418*

resistance. A close over 9418* is bullish and suggests a run to attack the 9676 spike high. If trade

is turned away around 9418*+/-, then expect a slip back to congestion at 9300-9200. A close

under 9209* is needed for a topping reversal turnover.


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EURO ST Trend Sdwys/Up

Obj: 1.3966 TRP: 1.3758


RESISTANCES 1.3874 1.3886 1.3930+

SUPPORTS 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 1.6770 1.6761 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 0.9775 0.9781* 0.9819*

SUPPORTS 0.9737 0.9732 0.9702*

Comment : In general the market is suggesting a drop out from recent congestion days and

Forex | CURRENCIES


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vulnerable to a slide down to 9702* support over the balance of the week. A close under 9702* is

bearish. If trade is reluctant to resume yesterday’s selloff under 9735-, then we may see the

market inch back to sideways congestion at 9750-70. A close over 9819* is needed for a bull

trend shift to higher prices.


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AUSSIE$ ST Trend Sdwys/Down



RESISTANCES 0.9250 0.9286 0.9335*

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



RESISTANCES 0.9130 0.9134* -

SUPPORTS 0.9087 0.9055 0.9035

Comment: The market still retains bear trend forces, but yesterday’s rally marks a near term

positive upturn from the quiet slide and calls for a push to test against 9134* resistance. A

close over 9134* signals a short term upturn and could boost rallies to the last turnover levels

at 9180. If trade is capped by 9134*, be ready for a slip to congestion under 9100-, but a drop

under 9035 is needed to rekindle bear trending moves.

SWISS FRANC ST Trend Sdwys/Up



RESISTANCES 1.1390 1.1401 1.1428

SUPPORTS 1.1300 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.


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

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

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daily forex technical analysis report – 30-04-2014

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