Daily forex technical analysis report – 21 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 21/04/2014

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Daily Technical Analysis Report


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GOLD ST Trend Down RANGE REVERSAL 23.07

SWING POINT 1291.35 SWING TARGET 1261.70

JUNE FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1302.56 1304.26 -

SUPPORTS 1285.11 1274.43 -

Comment : 1* Double Inside Day favors continuation of the previous trend today-tomorrow

with a move beyond the range low of 2 days ago (1284.40). 2* The downside objectives for

this formation range from 1261.70 to 1260.10 with a close over 1316.65 needed to negate a bear

trading stance. 3* Market is within proximity of this week's projected support range of

1260.60-1277.14, which may provide a likely zone for bottoming action or rebounds. 4*

Yesterday's penetration of resistance range levels gives a statistical bias for rallies today-

tomorrow.

SILVER ST Trend Down RANGE

REVERSAL 49.50


MAY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 19.8635 19.9073 -

SUPPORTS 19.4267 19.2767 -

Comment: 1* Double Inside Day favors continuation of the previous trend today-tomorrow

with a move beyond the range low of 2 days ago (1922.00). 2* The downside objectives for

this formation range from 1888.50 to 1863.50 with a close over 1982.87 needed to negate a bear

trading stance. 3* Market is within proximity of this week's projected resistance range of

2022.62-1983.00, which may provide a likely zone for topping action or setbacks.

Commodities | Precious - Metals


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COPPER ST Trend Down RANGE

REVERSAL 6.47



RESISTANCES 3.0767 3.0980 -

SUPPORTS 3.0229 3.0160 -

Comment: 1* Market is challenging a previous daily swing high and may attempt a breakout.

Closing beyond 308.00 calls for continuation rallies. A failure around 308.00 cautions for a

reactionary setback. 2* Yesterday's close has penetrated above a key (303.63) resistance point,

implying a trend turn and follow-through moves in coming days. 3* Market is within proximity

of this week's projected resistance range of 310.19-306.90, which may provide a likely zone for

topping action or setbacks.


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CRUDE OIL ST Trend Up RANGE

REVERSAL 1.58



RESISTANCES 105.10 105.43

-

SUPPORTS 103.63 103.48 -

Comment: 1* Market showing a preliminary breakout over a previous weekly swing high

and needs to quickly extend rallies into a close beyond 104.48. Failure to extend the breakout

today-tomorrow alerts for a bull failure. A close under 101.81 helps confirm a breakout

failure. 2* The upside target zone for this pattern is from 105.62 to 106.44 with a close under

103.62 needed to negate a bull trading stance. 3* Yesterday's penetration of support range

levels gives a statistical bias for declines today-tomorrow.

NATURAL GAS ST Trend Up RANGE

REVERSAL 2.62




SUPPORTS 4.681 4.671 -

Comment: 1* Market showing a breakout over a previous daily swing high and should quickly

extend rallies. Failure to extend the breakout now alerts for a bull failure. A close back under

46.46 signals a breakout failure and turnaround. 2* Market is challenging a previous contract

high and may attempt a breakout. Closing beyond 48.93 calls for continuation rallies. A failure

around 48.93 cautions for a reactionary setback. 3* The directional rally shows a strong

probability for a corrective dip today below 46.71. 4* Note that yesterday's outside bull day

suggests a breakout over a previous high and could prompt strong follow-through rallies. 5*

Note that yesterday's outside bull day favors rallies into the next 1-3 days. Corrections inside

the outside range should stay over 45.84 to promote follow-through action. A reluctance to

trade over 47.46 or a close under 45.84 by the second day increases the chance for full reversal of

the outside day. 6* Yesterday's close signals breakout over a previous daily swing high and

Commodities | ENERGY


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should prompt continuation rallies the next 1-3 days. Sustained trade over the previous high

will help motivate rallies. Corrections should not close below 46.46 to maintain the breakout. 7*

The upside target zone for this pattern is from 47.83 to 49.22 with a close under 45.84 needed to

negate a bull trading stance.


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MINI S&P ST Trend Down RANGE

REVERSAL 26.55



RESISTANCES 1868.96 1873.73 -

SUPPORTS 1847.77 1842.99 -

Comment: 1* Yesterday's retracement against the outside day 5 days ago hurts reliability for

bear follow-through moves. 2* Market is challenging a previous daily swing high and may

attempt a breakout. Closing beyond 1867.10 calls for continuation rallies. A failure around

1867.10 cautions for a reactionary setback. 3* Market is within proximity of this week's

projected support range of 1827.80-1849.80, which may provide a likely zone for bottoming

action or rebounds.

MINI DOW ST Trend Up RANGE REVERSAL 2.14

SWING POINT 16399 SWING TARGET 16585


RESISTANCES 16437 16470 -

SUPPORTS 16261 16224 -

Comment : 1* Market showing a preliminary breakout over a previous daily swing high and

needs to quickly extend rallies into a close beyond 163.84. Failure to extend the breakout


failure. 2* Retracement penetration of outside day high 5 days ago signals a trend reversing

turn that favors follow-through moves. 3* Market is challenging a previous daily swing high

and may attempt a breakout. Closing beyond 163.84 calls for continuation rallies. A failure

around 163.84 cautions for a reactionary setback. 4* The upside target zone for this pattern is

from 165.85 to 168.87 with a close under 160.74 needed to negate a bull trading stance. 5*

Market is within proximity of this week's projected support range of 160.85-162.43, which

may provide a likely zone for bottoming action or rebounds.

T Bonds | INDICES


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MINI NASDAQ ST Trend Down RANGE

REVERSAL 75.93



RESISTANCES 3552.20 3564.25 -

SUPPORTS 3490.88 3477.30 -

Comment: 1* The downside objectives for this formation range from 3347.75 to 3267.00 with a

close over 3553.66 needed to negate a bear trading stance. 2* Market is within proximity of this

week's projected support range of 3450.63- 3486.33, which may provide a likely zone for

bottoming action or rebounds.


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SOYBEANS ST Trend Up RANGE

REVERSAL 28.67


JULY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1516.90 1523.92 -

SUPPORTS 1492.10 1486.00 -

Comment: 1* Historical analysis of this minor swing pattern shows a definite bullish bias for

today's action, with the odds of this market taking out yesterday's high in the next two

trading sessions around 71 percent. 2* We have currently achieved the initial swing objective

of 1491.75, and could penetrate the top end of the target zone (1535.75) shortly. A close under

1473.57 is needed to negate a bull trading stance. 3* Market is within proximity of this week's

projected support range of 1480.96-1499.75, which may provide a likely zone for bottoming

action or rebounds.

SOYMEAL ST Trend Up RANGE

REVERSAL 10.30


JULY FUTURE LEVE1 LEVEL2 LEVEL3


SUPPORTS 474.57 473.41 -

Comment: 1* Market is showing a breakout test over a previous contract high, but the

reversal into the close alerts for a breakout failure and turnaround. Secondary rallies that stay

under 481.07 will reinforce the reversal today-tomorrow. A close under 476.14 helps confirm

breakout failure. 2* We have currently achieved the initial swing objective of 479.70, and

could penetrate the top end of the target zone (495.60) shortly. A close under 470.66 is needed

to negate a bull trading stance. 3* Market is within proximity of this week's projected support

range of 470.76-476.70, which may provide a likely zone for bottoming action or rebounds.

Commodities | GRAINS


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SOYBEAN OIL ST Trend Up RANGE

REVERSAL 0.90




SUPPORTS 43.28 43.17 -

Comment: 1* The upside target zone for this pattern is from 44.46 to 45.38 with a close under

42.75 needed to negate a bull trading stance. 2* Market is within proximity of this week's

projected support range of 42.76-43.60, which may provide a likely zone for bottoming action or

rebounds.


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WHEAT ST Trend Up RANGE

REVERSAL 25.38




SUPPORTS 689.82 687.82 -

Comment : 1* The upside target zone for this pattern is from 743.25 to 747.75 with a close

under 681.13 needed to negate a bull trading stance. 2* Market is within proximity of this

week's projected resistance range of 749.00-713.59, which may provide a likely zone for


CORN ST Trend Down RANGE REVERSAL 11.64




SUPPORTS 495.08 493.75 -

Comment: 1* Market showing a preliminary breakout under a previous daily swing low and

needs to quickly extend selloffs into a close beyond 499.75. Failure to extend the breakout

today-tomorrow alerts for a bear failure. A close over 504.19 helps confirm a breakout failure. 2*

Market is challenging a previous daily swing low and may attempt a breakout. Closing beyond

499.75 calls for continuation selloffs. A failure around 499.75 cautions for a reactionary rebound.

3* The downside objectives for this formation range from 488.50 to 486.50 with a close over

507.56 needed to negate a bear trading stance. 4* Market is within proximity of this week's

projected support range of 491.42-497.00, which may provide a likely zone for bottoming action

or rebounds.


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SUGAR ST Trend Down RANGE

REVERSAL 0.51




SUPPORTS 17.11 16.82 -

Comment: 1* The market has shifted into a sideways congestion zone in recent days. A close

beyond 17.95 or an intraday rally past 18.07 signals an upside breakout. A close below 17.24

or an intraday selloff below 16.82 signals a downside breakout. 2* The downside objectives

for this formation range from 16.80 to 16.53 with a close over 17.66 needed to negate a bear

trading stance. 3* Market is within proximity of this week's projected resistance range of


COFFEE

ST Trend Down RANGE REVERSAL

15.65




SUPPORTS 199.95 197.62 -

Comment : 1* Yesterday's retracement against the outside day 2 days ago hurts reliability for

bear follow-through moves. 2* Market is challenging a previous daily swing high and may

attempt a breakout. Closing beyond 210.90 calls for continuation rallies. A failure around

210.90 cautions for a reactionary setback. 3* Yesterday's close has penetrated above a key

(202.34) resistance point, implying a trend turn and follow-through moves in coming days. 4*

Market is within proximity of this week's projected resistance range of 219.23-209.95, which

may provide a likely zone for topping action or setbacks.

Commodities | SOFTS


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COCOA ST Trend Up RANGE

REVERSAL 0.50



RESISTANCES 3042.00 3068.00 -

SUPPORTS 2998.00 2995.00 -

Comment: 1* Market is challenging a previous contract high and may attempt a breakout.


reactionary setback. 2* Historical analysis of this minor swing pattern shows a definite bullish

bias for today's action, with the odds of this market taking out yesterday's high in the next two

trading sessions around 71 percent. 3* The directional rally shows a strong probability for a

corrective dip today below 29.95. 4* Market is challenging a previous daily swing high and may

attempt a breakout. Closing beyond 30.36 calls for continuation rallies. A failure around 30.36

cautions for a reactionary setback. 5* The upside target zone for this pattern is from 30.68 to

31.10 with a close under 29.85 needed to negate a bull trading stance. 6* Market is within

proximity of this week's projected resistance range of 30.70-30.32, which may provide a likely

zone for topping action or setbacks. 7* The penetration of the recent 30.15 inside day high

provides a bull trend signal.


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COTTON ST Trend Neutral RANGE

REVERSAL 2.26

SWING POINT 91.79 SWING TARGET None



SUPPORTS 91.58 91.37 -

Comment: 1* Market is challenging a previous daily swing high and may attempt a breakout.


reactionary setback. 2* Market is within proximity of this week's projected resistance range of



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EURO ST Trend Up RANGE

REVERSAL 0.76




SUPPORTS 1.3784 1.3777 -

Comment : 1* The upside target zone for this pattern is from 140.19 to 140.21 with a close

under 138.16 needed to negate a bull trading stance. 2* Market is within proximity of this

week's projected resistance range of 139.19-138.17, which may provide a likely zone for


B POUND ST Trend Up RANGE

REVERSAL 0.88




SUPPORTS 1.6756 1.6749 -

Comment: 1* Market showing a preliminary breakout over a previous weekly swing high

and needs to quickly extend rallies into a close beyond 168.05. Failure to extend the breakout


failure. 2* Yesterday's failed test over the (168.05) swing high and weak close alerts for a

reversal selloff the next 1-2 days and chance for larger trend turn barring a penetration over

168.34 or close over 168.05. Overbought adds a strong bias for corrections with this signal. 3*

The market is following a bull channel. A close over 168.98 or rally beyond 169.31 today

signals a breakout and acceleration up from the channel. An upside channel breakout may

not show rallies the next day, but carries a strong bias for advances in the coming 2-5 days. A

close under 166.53 or drop under 166.19 today signals a downturn from the bull channel. 4*

Market is challenging a previous daily swing high and may attempt a breakout. Closing

beyond 168.12 calls for continuation rallies. A failure around 168.12 cautions for a reactionary

setback. 5* The upside target zone for this pattern is from 169.07 to 169.84 with a close under

Forex | CURRENCIES


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167.14 needed to negate a bull trading stance.

J YEN ST Trend Down RANGE

REVERSAL 0.74




SUPPORTS 0.9734 0.9730 -

Comment: 1* We have currently traded below the first swing target for this market (97.89). The

next objective is 97.56. A close over 98.20 is needed to negate a bear trading stance. 2* Market is

within proximity of this week's projected resistance range of 98.69-97.85, which may provide a

likely zone for topping action or setbacks.


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AUSSIE$ ST Trend Down RANGE

REVERSAL 0.77




SUPPORTS 0.9257 0.9229 -

Comment: 1* Note that yesterday's outside bear day favors declines into the next 1-3 days.

Corrections inside the outside range should stay under 93.28 to promote follow-through

action. A reluctance to trade under 92.85 or a close over 93.28 by the second day increases the

chance for full reversal of the outside day. 2* We have currently traded below the first swing

target for this market (92.88). The next objective is 92.59. A close over 93.47 is needed to

negate a bear trading stance. 3* Market is within proximity of this week's projected resistance

range of 94.11-93.19, which may provide a likely zone for topping action or setbacks.

CANADIAN$ ST Trend Down RANGE REVERSAL 0.60




SUPPORTS 0.9047 0.9035 -

Comment: 1* The downside objectives for this formation range from 90.28 to 90.06 with a

close over 90.94 needed to negate a bear trading stance. 2* Market is within proximity of this

week's projected resistance range of 91.68-90.91, which may provide a likely zone for topping

action or setbacks.

SWISS FRANC ST Trend Up RANGE

REVERSAL 0.76




SUPPORTS 1.1305 1.1298 -


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Comment: 1* The upside target zone for this pattern is from 115.65 to 115.85 with a close under

112.75 needed to negate a bull trading stance. 2* Market is within proximity of this week's

projected resistance range of 114.53-113.40, which may provide a likely zone for topping action

or setbacks

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

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Daily forex technical analysis report – 21 04-2014