Daily forex technical analysis report – 02 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 02/04/2014

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Daily Technical Analysis Report


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GOLD ST Trend Down

Obj: 1265.00 TRP: 1321.20

DECEMBER FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1290.00+/- 1297.60 1321.20*

SUPPORTS 1277.00 1273.00- 1265.20*

Comment: The market is bearish, dropping against the 1284-1275 target zone. Trade remains

setup for washout declines and a close under 1277 warns for a drop to the 1265+/- area. Any

corrections should try to setup a bear flag and stay under 1305. A close over 132120* is

needed to secure a short term turnaround and spark retracements against the recent selloff.

SILVER ST Trend Down

Obj: 19.520 TRP: 20.950


RESISTANCES 19.875 20.055 20.315

SUPPORTS 19.600- 19.500 -

Comment: The market is short term bearish and warns for a slide to 1952-. A close under

1945 will send declines against old lows from Dec-January. If trade is reluctant to extend

under 1950 by mid-week, be alert for a bounce into several corrective days, likely starting

flagging congestion up around 2030. Closes over 2061 and 2095* are needed to signal a bullish

turn.

COPPER ST Trend Sdwys /Down

Obj: 2.7100 TRP: 3.0885


RESISTANCES 3.0460 3.0885* -

SUPPORTS 3.0095 2.9865 2.9595

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

test at 290-. A close under 28770 is needed to add to washouts to 271. Friday’s push over 303

Commodities | Precious - Metals


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suggests a friendly upturn from congestion and could motivate corrections to test at 30885*

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


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CRUDE OIL ST Trend Sdwys/Down

Obj: None TRP: 98.99

JANUARY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 101.19 101.11 101.62*

SUPPORTS 98.99* 98.40- 96.39*

Comment: The market has been rejected by 10162* resistance, prompting a near term

turnover that should pressure trade to attack the 9899* support. A close under 9899* alerts for

a larger selling wave to 9800- 9700 and possibly 9636*. A bounce off 9899*+/- will prompt

sideways congestion near 100. A close over 10162* is needed for a critical upturn to higher

prices.

NATURAL GAS ST Trend Sdwys

Obj: 4.200 TRP: 44.48


RESISTANCES 4.360 4.448* 4.487

SUPPORTS 4.260 4.256 4.144

Comment: The market is bearish and yesterday’s selloff into a breakout under last week’s low

gives bear signals for declines to 4200- and chance for a wash into the 4100-4000 range. Trade is

poised for selloffs. Any corrections should form a bear flag under the 4448* resistance. A close

over 4448* is needed for a reversing turnaround.

Commodities | ENERGY


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MINI S&P ST Trend Up

Obj: 1900.00+ TRP: 1851.00


RESISTANCES 1880.50 - -

SUPPORTS 1869.65 1866.00 -

Comment: The push higher provides short term bull signals and calls for rallies to attack

against recent swing high. A close over 188050 is bullish and projects a drive to over 1900+.

Any corrective dips should fight to hold around 1860- and only a close under 1851* rekindles

short term negative trend forces.

MINI DOW ST Trend Up

Obj: 16760+ TRP: 16131


RESISTANCES 16580 16760 16800

SUPPORTS 16383 16300+/- 16255*

Comment : The market is bullish, signaling a breakout over previous highs and poised for

pressing rallies to 16760+. Stable action over 16420+ should fuel rallies today-Thursday. Near

term corrections may slip and test previous congestion highs around along 16380, but only a

close under 16255* and 16131* signals a turn to bear trending trade.

MINI NASDAQ ST Trend Up

Obj: 3531.00 TRP: 3669.00


RESISTANCES 3669.00* 3700.00 -

SUPPORTS 3621.75 3606.00 3580.00-

Comment: The market is still in a bear trend, but yesterday’s sharp rebound alerts for recovery

moves to test around 366900*+/-. A close over 366900* signals a bull turn, projecting a run back

T Bonds | INDICES


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over 370000+. If rally attempts are rejected around 366900*, then be ready for a slide back

through yesterday’s upturn, but a close under 358000* is needed to rekindle bear trending

action.


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SOYBEANS ST Trend Sdwys/Up

Obj: 1490.00+ TRP: 1427.75


RESISTANCES 1490.00+ 1516.00 1545.00+/-

SUPPORTS 1466.00 1454.00 1437.00

Comment: The market is extending the bull breakout over recent congestion highs with

yesterday’s run hitting a target at 1490+. The formation retains potential for a push up around

1545+/-. If trade struggles to extend over 1490+, be ready for a slip into a few flagging

congestion days, but trade should find support back along the upper edges of previous

congestion. Only a close under 1437 1/4* negates the breakout signal.

SOYMEAL ST Trend Sdwys/Up

Obj: 497.70 TRP: 463.30

JANUARY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 485.10 491.50 497.70

SUPPORTS 474.40 469.90 463.30*

Comment: The market is bullish, showing a breakout into new highs and signaling for a

drive to 49770. Trade is positioned for aggressive rallies the next few days. Any corrective

dips should fight to hold within Monday’s range to maintain the upside breakout signals.

Only a close under 46330* highlights a topping turnover.

SOYBEAN OIL ST Trend Sdwys/Up



RESISTANCES 41.60 41.62 42.06*

SUPPORTS 40.96 40.51* 40.16*-

Comment: The market is triggering a likely bottoming turn off the 4016* weekly support.

Yesterday’s sharp rally calls for retracements to challenge the 4206* resistance. A close over

Commodities | GRAINS


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4206* confirms a short term turn around and calls for a potential upswing to 4300+. Be careful

for a setback from 4206* on the first test for secondary dips and congestion as trade shifts

momentum forces to the upside. A close under 4016* is bearish.


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WHEAT ST Trend Down


MARCH FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 692.00 698.00 705.00

SUPPORTS 682.00 676.00 658.00

Comment : The market is showing short term topping setbacks and open for a selling leg

down to 658 1/2. A penetration under Monday’s low could release aggressive selloffs. Any

rally attempts will likely struggle near 700, but a close over 705 1/2* is needed to rekindle

bull trend forces and press back to the last swing high.

CORN ST Trend Down

Obj: 515.00+ TRP: 489.50


RESISTANCES 515.00+ 524.00 526.00

SUPPORTS 498.00 494.00- 489.00

Comment: Monday’s bull day triggers an upside breakout over recent sideways flagging

congestion and creates potential for a significant bull wave to 515+. Sustained action over the

502 1/2 high will encourage rallies. Any corrective dips or consolidation should hold in the

upper edges of Monday’s rally. Only a close under 489 1/2* signal a reversing turn to the

downside.


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SUGAR ST Trend Down

Obj: 16.80 TRP: 17.21


RESISTANCES 17.50 17.70* 18.10

SUPPORTS 17.03 16.80- 16.49

Comment: Yesterday’s drop off signals a short term reversal to defensive trade, suggesting a

break against 1680 and chance for sustained choppy declines to 1650. Trade is poised for

selloffs. Minor corrective congestion inside the lower half of yesterday’s downturn should

quickly bear flag and setup for selloffs. Only a close over 1770* rekindles bull trend forces.

COFFEE ST Trend Sdwys/Up

Obj: 159.50- TRP: 193.05


RESISTANCES 180.00+/- 183.30* 193.05*

SUPPORTS 173.60 167.20 166.00

Comment : The market remains bearish and drop from last week’s flagging action suggests a

larger selling wave to below 160-. We may see continued flagging action, but any corrections

should struggle to rally over 18330*. Tight congestion below 18330* will setup for selloff

attempts. A drop under 17360 could resume selloffs / bear trending.

COCOA ST Trend Up



RESISTANCES 2992.00* 3006.00 3039.00

SUPPORTS 2931.00 2918.00 2885.00*

Comment: The market is caught in congestion. A close under 2918 could open up a larger

selling wave to 2885*. A close under 2885* is bearish. Friday’s outside bull day may yet generate

Commodities | SOFTS


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choppy secondary rallies, but key on a close over 2992* to rekindle bull trend forces and drive

trade to attack the last swing high.


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COTTON ST Trend Down

Obj: 89.64 TRP: 94.86


RESISTANCES 92.55 93.25 94.86*

SUPPORTS 91.74 90.11 89.64*

Comment: Last Wednesday’s reversal and Mon-Tuesday’s rejection from 9486* resistance is

signaling a negative flip in short term bear trending and calls for pressured trade to test a key

8964* support. A close under 8964* marks a multi-week peaking turn and should foster selloffs

to 8600-. A close over 9486* will rekindle bull trend forces.


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EURO ST Trend Sdwys/Down

Obj: 1.3666 TRP: 1.3866


RESISTANCES 1.3810 1.3866* -

SUPPORTS 1.3729 1.3702 1.3666*

Comment : Down sloping trade signals a bear turnover and potential for selloffs to 13666*. A

drop under Friday’s low should drive follow through selloffs against 13666*. Current

corrections should stall around 13810 to stay aligned for selloffs. A close over 13866* is

needed for a reversing turn back to higher levels.

B POUND ST Trend Sdwys/Up



RESISTANCES 1.6672* 1.6765 1.6773

SUPPORTS 1.6600- 1.6555 1.6539*

Comment: The climb back into previous peaking congestion negates bear forces and leaves

trade up around the balance point between bull / bear trend forces. A close over 16672* will

trigger a reversing turn back to higher prices, sending trade to attack for a breakout over

previous swing highs. A rejection from 16672* could prompt dips under 166-, but a close

below 16539* is needed to recapture bear trend forces.

J YEN ST Trend Down

Obj: 0.9617 TRP: 0.9793


RESISTANCES 0.9700 0.9736 0.9793*

SUPPORTS 0.9617 0.9598 -

Comment: The market is triggering a bear flag downturn from a week and half sideways

flagging congestion, signaling for selloffs to 9617 as well as potential to test basing levels below

Forex | CURRENCIES


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9600-. A sustained press below 9641 will encourage selloffs. Only a close back over 9793*

reverses trade back to the upside.


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AUSSIE$ ST Trend Down

Obj: 0.9362 TRP: 0.8992


RESISTANCES 0.9244 0.9257 0.9362+

SUPPORTS 0.9176 0.9114 0.9075-

Comment: The market is in a bull drive, but a punch over yesterday’s high is needed to spark

continued direct rallies to reach for 9362. Suspect a few corrective days. Corrective dips

should hold along the upper edges of recent congestion at 9075- to keep a friendly alignment.

Likely any 2-3 day congestion over 9075 will bull flag. Only a close under 8992* marks a

reversing turnover.

CANADIAN$ ST Trend Sdwys/Down



RESISTANCES 0.9069 0.9074 0.9111

SUPPORTS 0.9002 0.8980 0.8932*

Comment: The climbing moves over the past week signal a short term upturn. A breakout

surge over 9069 suggests a drive to 9150-9200. Trade is poised for rallies, but Fri-Monday’s

rejections from just over 9069 cautions for a minor slip to sideways congestion along 9000 as

trade consolidates gains. Tight congestion days should bull flag. A close under 8932*

rekindles bear trend forces.

SWISS FRANC ST Trend Sdwys

Obj: 1.1219 TRP: 1.1409


RESISTANCES 1.1346 1.1409* -

SUPPORTS 1.1287 1.1244 1.1219

Comment: The market has turned the trend down and drop out from congestion of the past

week should send a break to 11219. A drop under Monday’s low will fuel selloffs. Monday’s

rebound may extend some corrections into today. Any corrective congestion inside last week’s


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range will keep a negative bias. A pop over 11388 is needed to run trade to attack 11409* and

attempt a new bull upturn.

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

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Daily forex technical analysis report – 02 04-2014

Economy & Finance

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