daily forex technical analysis report – 01 05-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 01/05/2014

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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 1300.10 1307.40*+ -

SUPPORTS 1285.00 1282.90* 1264.00-

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

some recovery moves that could yet climb against 130740*. A climb over 130080 will boost

rallies and renew ideas to test 130740*. A close over 130740* is bullish for a retracement near

the recent downturn levels around 1321. A close under 128290* rekindles the bear trend and

should touch off selloffs to 1264-1262 over the next 1-2 weeks.

SILVER ST Trend Sdwys/Down

Obj: None TRP: 19.865

JULY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 19. 865* 20.040 20.200*

SUPPORTS 19.160- 18.950 -

Comment: The market is short term bearish and yesterday’s break leaves trade poised to

attack for a breakout under last week’s low. A close below 1895 signals for declines to 1830-.

A reluctance to extend under 1895 could prompt near term rebounds for congestion back up

around 1950-1960. A close over 19865* remains the spark for a larger recovery phase back to

2050+.

COPPER ST Trend Sdwys



RESISTANCES 3.0570 3.0900 3.1045

SUPPORTS 3.0150* 2.9800 2.9205

Comment : Yesterday’s drop down against key 30150* support puts the market on the balance

point between bull / bear trend forces. The pattern alerts for a reversing turnover and a close

Commodities | Precious - Metals


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under 30150* should release a reactionary selloff into the low 290’s. We may see some

congestion inside yesterday’s downturn, but a surge back over 31045+ is needed to revive bull

moves to early March downturn levels near 318-320.


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CRUDE OIL ST Trend Down

Obj: 98.35 TRP: 102.28


RESISTANCES 100.20 100.63 101.16*

SUPPORTS 98.98 98.35- 96.58*

Comment: Yesterday’s break signals a short term turnover and opens up the market to a

larger retracement slide to 9835 as well as potential for a complete retracement of the last bull

advance, reaching down to 9658*. Sustained action under 100- will promote selloffs. Any

corrections should stay contained under 10111*-16* if bear forces have control. A close over

10228* is needed to rekindle bull trend forces.

NATURAL GAS ST Trend Sdyws/Up



RESISTANCES 4.840 4.893 -

SUPPORTS 4.759 4.710 4.632*

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. A close under 4632* is needed to

signal a reversing turn and retracements back along 4500.

Commodities | ENERGY


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MINI S&P ST Trend Sdwys/Up

Obj: 1886.00 TRP: 1833.25


RESISTANCES 1884.00 1892.50 -

SUPPORTS 1863.75 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: 16125


RESISTANCES 16525 16574 -

SUPPORTS 16407 16345 16280

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, but

holding over 16300+ should setup for rallies. A drop under 16242 voids ideas for a breakout

at new highs.

MINI NASDAQ ST Trend Sdwys/Down



RESISTANCES 3593.00 3594.00 3607.75*

SUPPORTS 3526.50 3504.00 3486.25*-

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

T Bonds | INDICES


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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+.


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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


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*

Commodities | GRAINS


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warns for sustained corrections.


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WHEAT ST Trend Sdwys/Up



RESISTANCES 725.00 - -

SUPPORTS 712.00 704.00 700.00

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+. If trade

struggles to extend over 725 1/4, be prepared for a modest reactionary pullback and

additional sideways trade along 704 1/2-. A close under 690 1/4* turns the bias of trade

down.

CORN ST Trend Up



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+/- 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 17.84 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 201.35 200.15* 194.40

Comment : Tuesday’s reversal rebound from under the 20015* support suggests a turn back

to bullish trade. An upside breakout from current flagging congestion holds 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



RESISTANCES 2998.00* 3015.00 3018.00

SUPPORTS 2968.00 2922.00 2885.00

Comment: The market moved back into the middle of congestion levels. A penetration through

2940/2422 implies a head & shoulder top that will open up initial selloffs to 2885 as well as

chances for declines to the low 2800’s. A close over 2998* rekindles bull forces and could

Commodities | SOFTS


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generate rallies to attack congestion highs from the past couple momths.


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COTTON ST Trend Sdwys/Up

Obj: 96.00+ TRP: 92.20



SUPPORTS 93.30+/- 92.20* -

Comment: The market is showing an upturn from sideways trade and poised for a run to attack

the 9676 spike high. A sustained press over 9466 could spark rallies. Any corrective dips will

likely find support at 9330, A harder setback should also fight to hold in the 9300-9220* zone. A

close under 9220* 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 1.3832 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 1.6895 1.7000+ -

SUPPORTS 1.6808 1.6787 1.6737*

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

emerging bull wave over 170+. Trade is positioned for pressing rallies the next few days. Any

corrections should try to hold over 168+ to maintain the breakout action beyond 168+. A slip

under 16787 warns for a drop off to test 16737* for a topping turnover.

J YEN ST Trend Up



RESISTANCES 0.9803 0.9804 0.9819*

SUPPORTS 0.9760 0.9732 0.9702*

Comment : The market remains in a downturn, but needs a drop under 9732 to release a slide

down to 9702* support. A close under 9702* is bearish. The reluctance to produce follow

Forex | CURRENCIES


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through selloffs under 9735- alerts for a shift back higher. A close over 9819* is bullish and

could spark rallies to 9850-59.


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AUSSIE$ ST Trend Sdwys/Down



RESISTANCES 0.9286 0.9292 0.9335*

SUPPORTS 0.9230- 0.9198- 0.9101*

Comment: The market remains in a negative correction and on the verge of a larger selling

wave. A breakout under 9209 and subsequent drop through 9190 could open up a wash to

9101*. The reluctance to extend under 9209 could prompt another 1-2 day correction, but a

close over 9335* 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 1.1324 1.1285 1.1279*

Comment: The market is caught in sideways corrections. A drop under 113 will drive selling to

attack 11279* support. A close under 11279* marks a reversing turnover and drop against the

early April swing low. Sustained action over 11397 could launch a bull wave to test / breakout

over the mid-March swing high.


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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

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

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daily forex technical analysis report – 01 05-2014

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