Daily forex technical analysis report – 25 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 25/04/2014

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GOLD ST Trend Sdwys/Down

Obj: 1264.00- TRP: 1307.40

JUNE FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1299.40 1300.00 1307.40*

SUPPORTS 1286.00 1277.40 1262.00

Comment: Overall the market is in a bear trend, but yesterday’s reversal alerts for near term

corrections to recover back into the 1300-130740* range. 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 127740 rekindles bear trending moves to 1262-1262.

SILVER ST Trend Sdwys/Down

Obj: 18.950 TRP: 19.840

MAY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 19.840* 20.080 20.185*

SUPPORTS 19.400 19.135 -

Comment: The market is short term bearish, but yesterday’s reversal action of the 1895 target

alerts for a short term bottoming turn. A close over 1984* will spark a larger recovery phase

back to 2050+. If trade struggles to extend over 1984*+, 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 19135 is bearish.

COPPER ST Trend Up

Obj: 3.1800 TRP: 3.0270

MAY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 3.1355 3.1875 3.2000

SUPPORTS 3.0890 3.0650 3.0270*

Comment: Yesterday’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 30270* marks a reversing turn back to lower levels.


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CRUDE OIL ST Trend Sdwys/Up

Obj: None TRP: 100.42


RESISTANCES 102.26 102.99* 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 4.797 4.845 5.089*

SUPPORTS 4.672 4.640 4.620*

Comment: The market is short term friendly and pressing rallies past 4820 should run a rally to

challenge the late February reversal high. A breakout over 4893 projects to 5089*. Yesterday’s

reversal hints for corrective congestion / dips, but support over 4620* will provide a staging

level for rallies. A close under 4620* 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 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: None TRP: 16121


RESISTANCES 16525 16574 -

SUPPORTS 16388 16317 16121*

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 16250+, but

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

MINI NASDAQ ST Trend Sdwys/Down



RESISTANCES 3607.75* 3646.00+/- 3607.75*

SUPPORTS 3549.50 35200.0- 3486.25

Comment: Overall the market is still in a bear trend, although yesterday’s rebounding action

attempted a rally over the 360775* resistance. A close over 360775* confirms a bottoming turn

T Bonds | INDICES


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and calls for continued climbing moves to 365500-367500. Further rejections from 360775*

caution for secondary selloffs around 352000-. A close under 348625* is negative.


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SOYBEANS ST Trend Sdwys/Up


JULY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1476.00 1486.00 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

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


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WHEAT ST Trend Sdwys



RESISTANCES 699.00 709.00 -

SUPPORTS 688.00 681.00 -

Comment : The market is shifting the bias of congestion to the upside, but a surge over 709

1/4 is needed to spark rallies to attack the March swing high. Be prepared for a slip into

sideways trade along 690-680. A close under 681 3/4* turns the bias of trade down, but a drop

through 670 is needed to send a selloff to 661* weekly support.

CORN ST Trend Sdwys



RESISTANCES 511.00 513.00 524.00

SUPPORTS 502.00 497.00 494.00

Comment: The rebounding action is up against 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. Yesterday’s

rejection from over 511 1/2* warns for a slide back near 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 17.96 18.06 18.42

SUPPORTS 17.66 17.50* 17.30

Comment: This week’s rallies flip short term trend forces up and calls for a push to 1829.

Despite yesterday’s corrective action, trade is poised for 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 2998.00 3030.00 3047.00

SUPPORTS 2965.00* 2940.00-

Comment: The sideways trade of recent weeks still leaves the market 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. A close under 2965* cautions for pressured trade at 2930-, trying for a larger downturn.

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COTTON ST Trend Sdwys/Up

Obj: 94.18 TRP: 89.49


RESISTANCES 93.48 94.18* 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

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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 Sdwys/Down



RESISTANCES 0.9287 0.9300 0.9344*

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 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 9344* 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 – 25 04-2014