Daily forex technical analysis report – 24 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 24/04/2014

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GOLD ST Trend Sdwys/Down

Obj: 1264.00- TRP: 1310.20

JUNE FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1292.00 1294.50 1300.00+

SUPPORTS 1273.00 1264.00- 1262.00

Comment: The market alignment is bearish and pressing to extend a breakout under the

early April swing low. A press through 1275-1273 alerts for declines to weekly support at

1264-1262. The reluctance to extend yesterday’s penetration under the early April low may

prompt minor corrections and flagging congestion back near 1292. Only a close over 131020*

marks a reversing turn back to higher prices.

SILVER ST Trend Down

Obj: 18.950- TRP: 19.950

MAY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 19.530 19.805 19.950*

SUPPORTS 19.285 19.160+/- 18.800-

Comment: The market is short term bearish and calls for continued probes against old basing

levels from late last year, likely reaching for 1895-. A close under 18685 is bearish. We may

again see a fight to hold and recover, extending choppy congestion back inside last week’s

range, but rallies should stay contained within Monday’s range. Only a close over 1995*

signals a short term turnaround.

COPPER ST Trend Sdwys /Down

Obj: None TRP: 3.0885

MAY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 3.0700 3.0885* -

SUPPORTS 3.0030 2.9925 2.9595

Comment: Overall the market is still bearish and drop below 29595 could resume declines to

Commodities | Precious - Metals


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test at 290-. Trade continues a short term recovery, working rising congestion into a push to test

30885* resistance for a bottoming turn. Be careful for a setback from 30885* to prompt secondary

selloffs. A close over 30885* implies a drive to 315-31650.


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CRUDE OIL ST Trend Sdwys/Up



RESISTANCES 102.33 102.99* 103.83

SUPPORTS 101.27 101.19 100.42*

Comment: Overall the market is in a bull trend, but backing off into a near term correction

that could retrace to test support at 10042*. A close under 10042* signals a short term turnover

and harder corrections below 100-. However, suspect a fight to bounce trade off 10042* and

attempt secondary rallies. A close over 10299* or pop over 10383 projects a drive to 105+.

NATURAL GAS ST Trend Up



RESISTANCES 4.801 4.845 5.089*

SUPPORTS 4.668 4.640+/- 4.614*

Comment: The market is short term friendly and positioned for pressing rallies to challenge the

late February reversal high. A breakout over 4893 projects to 5089*. We may see corrective

congestion back within last Thursday’s range, but support over 4614* will provide a staging

level for rallies. Only a close under 4614* signals a reversing turn, extending defensive trade

back along 4500.

Commodities | ENERGY


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MINI S&P ST Trend Sdwys/Up

Obj: 1886.00 TRP: 1832.75


RESISTANCES 1884.00 1892.50 -

SUPPORTS 1863.75 1854.00 1848.00

Comment: The market is muscling a bullish climb back through the last selloff and positioned

to run trade into a breakout test of the last swing high. A close over 188625 implies a bull

moves to 1914-1020. Be prepared for a corrective pullback around the central levels of trade

over the past couple months at 1854+/-, but holding over 1848+ should setup a staging level

for rallies.

MINI DOW ST Trend Sdwys/Up

Obj: 15960 TRP: 16118


RESISTANCES 16525 16574 -

SUPPORTS 16388 16317 16118*

Comment : The market has forced a bullish upturn and positioned to attack the last swing

high. A close over 16574 implies a bull moves beyond 16800+. Be prepared for a corrective

pullback around the central levels of trade over the past couple months just over 16200+, but

holding over 16200+ should setup a staging level for rallies.

MINI NASDAQ ST Trend Sdwys/Down



RESISTANCES 3580.75 3596.00 3607.75*

SUPPORTS 3536.00 3511.50 -

Comment: Overall the market is still in a bear trend, although current rebounding action alerts

for a lifting run to challenge against the 360775* resistance. A close over 360775* confirms a

T Bonds | INDICES


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bottoming turn and calls for continued climbing moves to 365500-367500. Be on guard for a

rejection from 360775* that could send secondary selloffs around 353600-351150. A close under

349000 is negative.


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SOYBEANS ST Trend Sdwys/Up


JULY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1480.00 1487.00 1498.00

SUPPORTS 1460.00 1455.00 -

Comment: Overall the market remains in a bull trend, but a surge over 1498+ is needed to

rekindle bull trending to stretch for a new high. Yesterday’s slip lower warns for corrections

into today-Thursday, but a close under 1455 3/4* is needed to start a topping turn. Be careful

for a bounce off 1455 3/4* on the first test.

SOYMEAL ST Trend Sdwys/Up

Obj: 488.00 TRP: 460.80

JULY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 474.10 479.40+ -

SUPPORTS 466.50 460.80* -

Comment: Overall the market is bullish, but a punch over 47940+ is needed to spark a run

that attacks for a breakout at new highs and a fresh drive to 488. Yesterday’s weak close hints

for corrective trade into today- Thursday. A sustained penetration under 46080* warns for a

peaking turn and drop under 449-.

SOYBEAN OIL ST Trend Sdwys/Up



RESISTANCES 43.09 43.50 43.90

SUPPORTS 42.56 42.47* 42.20

Comment: The market muscled into a short term bull trend last week with potential to probe

against the early March swing high. However, a pop over Monday’s high is needed to rekindle

bull forces for a run to 4470+. Yesterday’s weak close hints for a few defensive days that ease

Commodities | GRAINS


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against 4247* support. A close under 4247* warns for sustained corrections.


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WHEAT ST Trend Sdwys/Down

Obj: 661.00 TRP: 687.25


RESISTANCES 684.00 695.00 699.00

SUPPORTS 672.00 670.00 661.00*

Comment : The market is short term bearish and targeting a selloff to test 661* retracement

support. A close under 668 should open up additional declines to 661*. Current minor

recovery action only suggests flagging congestion and staying under 687 3/4* will prompt

follow through selloffs. A close over 687 3/4* will shift trade back to sideways congestion in

the 678-699 1/2* zone for a few days.

CORN ST Trend Sdwys



RESISTANCES 511.00 516.00 524.00

SUPPORTS 501.00 496.00 494.00

Comment: The rebounding action has stalled bear trend forces and calls for rallies to challenge

around the 511 1/2* resistance level. A close over 511 1/2* will reverse trade into a secondary

drive against the early April spike high. A rejection from 511 1/2* warns for a slide back under

500-, but a close under 494 is needed to open up a larger selling wave.


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SUGAR ST Trend Sdwys/Up

Obj: 18.29 TRP: 17.50


RESISTANCES 18.06 18.29 18.42

SUPPORTS 17.72 17.50* 17.30

Comment: Yesterday’s thrust over recent congestion highs flips short term trend forces up

and calls for rallies to 1829. Trade is poised for rallies and stable action over 1789 will fuel

rallies. 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 Up

Obj: 227.00 TRP: 200.15


RESISTANCES 218.90 219.45 227.00

SUPPORTS 20.475 201.00 200.15*

Comment : This week’s punch into a new high signals a bull breakout and should kick off

climbing rallies to 227. Stable action over 210+/- should foster follow through rallies today.

Any 2-3 day near term corrections should fight to hold within Tuesday’s range and bull flag

to setup for continuation rallies. Only a close under 20015* marks a reversing turnover.

COCOA ST Trend Sdwys/Up



RESISTANCES 3030.00 3047.00 -

SUPPORTS 2994.00 2965.00* 2940.00-

Comment: The sideways trade of the past week leaves trade in a positive alignment, hinting for

a breakout attack over the 3047 swing high. Any corrective dips that hold off the 2965* should

build for rallies to attack over 3047+. Be prepared for another sideways congestion day, but last

Commodities | SOFTS


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week’s bounce from 2975-65* favors rallies to attack old highs.


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COTTON ST Trend Sdwys/Up

Obj: 94.18 TRP: 89.49


RESISTANCES 93.25 94.66 96.76

SUPPORTS 92.44 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, yesterday’s spike lower implies a failed

upturn and we should be prepared for additional defensive congestion days at 9250-9150. A

close under 9045 is needed to drive selloffs to attack 8949* for a larger downturn.


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EURO ST Trend Sdwys/Up

Obj: 1.3966 TRP: 1.3758


RESISTANCES 1.3844 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: 1.6714


RESISTANCES 1.6870 1.7000+ -

SUPPORTS 1.6745 1.6741 1.6714*

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,

but only a close under 16714* voids the breakout and signals for short term selloffs into the

167-166 levels.

J YEN ST Trend Up



RESISTANCES 0.9797 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


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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.


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AUSSIE$ ST Trend Up



RESISTANCES 0.9287 0.9310 0.9349*

SUPPORTS 0.9232 0.9209 0.9190

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 9232-9209. A press under 9209 could open up a wash to 9101*. Trade may try to correct back within yesterday’s downturn, but a close over 9349* 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



RESISTANCES 1.1350 1.1379 1.1428

SUPPORTS 1.1285 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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Daily forex technical analysis report – 24 04-2014