Daily forex technical analysis report – 28 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 28/04/2014

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GOLD ST Trend Sdwys/Down

Obj: 1264.00- TRP: 1307.40

JUNE FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1307.40*+ 1321.00+ -

SUPPORTS 1290.00+/- 1282.40* 1264.00-

Comment: Overall the market is in a bear trend, but last Thursday’s reversal alerts for a bull shift to

recover moves against 130740*. Look for follow recovery rallies today. A close over 130740* is bullish for

a retracement near the recent downturn levels around 1321. A rejection from 130740* should send dips

around 1290+/-. A close under 128240* rekindles bear trending moves to 1262-1262.

SILVER ST Trend Sdwys/Down

Obj: None TRP: 19.865

JULY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 19. 865* 20.040 20.200*

SUPPORTS 19.430- 19.160- -

Comment: The market is short term bearish, but last Thursday’s reversal alerts for a short term

bottoming turn. A close over 19865* will spark a larger recovery phase back to 2050+. If trade struggles to

extend over 19865*+, 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 1916 is bearish.

COPPER ST Trend Up

Obj: 3.1800 TRP: 3.0140


RESISTANCES 3.1295 3.1840 3.2000

SUPPORTS 3.1045 3.0425 3.0140*

Comment: Last week’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 continuation rallies. Any

dips should fight to bounce off previous congestion highs. Only a close under 30140* marks a reversing

Commodities | Precious - Metals


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turn back to lower levels.


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CRUDE OIL ST Trend Sdwys/Up



RESISTANCES 101.40 101.96 102.72*

SUPPORTS 100.42*+/- 99.78 -

Comment: Overall the market is in a bull trend, but near term corrections has trade back against key

10042* support. A close under 10042* signals a short term reversing turnover for harder corrections,

possibly dropping into the 9900-9800 levels. However, suspect a fight to bounce trade off 10042* and

attempt secondary rallies. A close over 10272* is needed to recapture bull trend forces.

NATURAL GAS ST Trend Up



RESISTANCES 4.709 4.716 4.800+

SUPPORTS 4.640 4.620* -

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

challenge the late February reversal high. A breakout over 4893 projects to 5089*. The setbacks late last

week hint 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.

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 1854.00 1848.00 1833.25

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. Friday’s pullback puts the market around the 1854+/- central

levels of trade over the past couple months. If trade holds 1854-1848, suspect a setup for new rallies. A

sustained press below 1848 is near term negative, but a close under 183325* is needed for a larger topping

downturn.

MINI DOW ST Trend Sdwys/Up

Obj: None TRP: 16121


RESISTANCES 16404 16525 16574

SUPPORTS 16268 16250 16121*

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+. Friday’s selloff implies potential for a corrective pull

backs around the central levels of trade over the past couple months near 16250+/-, but holding over

16200+ should setup a staging level for rallies. A close under 16121* is needed for an outright downturn .

MINI NASDAQ ST Trend Sdwys/Down



RESISTANCES 3567.75 3598.00 3607.75*

SUPPORTS 3520.00- 3486.25* -

Comment: Overall the market is still in a bear trend. Last week’s back off from 360775* resistance hints for

secondary selloffs, but key on a close under 348625* to drive trade back to the last swing low. Trade may

T Bonds | INDICES


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attempt to push high.


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SOYBEANS ST Trend Sdwys/Up



RESISTANCES 1498.00 1517.00 1521.00

SUPPORTS 1482.00 1471.00 -

Comment: Overall the market remains in a bull trend with Friday’s thrust higher signaling an upturn

from minor corrections and projecting follow through rallies this week to 1517+. Any dips should hold

within Friday’s range if bull forces are retaking control. A drop under 1470 warns for selloffs against 1455

3/4*.

SOYMEAL ST Trend Up

Obj: 488.00 TRP: 460.80

JULY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 484.20 488.00 -

SUPPORTS 476.90 472.00 470.00

Comment: The market is bullish and Friday’s thrust higher signals an upturn from minor corrections.

The formation projects follow through rallies to 488 and possibly a larger drive over 500+. Any dips

should hold within Friday’s range if bull forces have control. A drop under 46980 warns for selloffs

against 46080*.

SOYBEAN OIL ST Trend Sdwys/Up



RESISTANCES 43.24 43.50 43.90

SUPPORTS 42.79 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

Commodities | GRAINS


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should again try to hold over 4247* support. A close under 4247* warns for sustained corrections.


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WHEAT ST Trend Sdwys/Up



RESISTANCES 712.00 720.00 725.00

SUPPORTS 700.00 695.00 684.00

Comment : The market has turned the bias of congestion to the upside and a push over 712 1/4 should spark rallies to attack the March swing high. Be prepared for a slip into sideways trade along 700-695. A close under 684 1/2* turns the bias of trade down.

CORN ST Trend Sdwys/Up

Obj: 520.00+ TRP: 500.50


RESISTANCES 517.00 524.00 -

SUPPORTS 505.00 500.00 -

Comment: Last week’s rebounding action triggered a return to bull trending trade and projects a secondary

drive against the early April spike high. Trade is poised for continuation rallies today. Any dips should stay

over 500 1/2* to maintain bull developments. A close under 500 1/2* is needed to suggest a reversing

turnover.


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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: Last 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 20.450 201.00 200.15*

Comment : Last week’s punch into a new high still signals a breakout that should lead into climbing

rallies to 227. Stable action over 21150+ should renew follow through rallies. Any additional near term

corrections should fight to hold / bounce off 20015* and bull flag to setup for continuation rallies. Only a

close under 20015* marks a reversing turnover.

COCOA ST Trend Sdwys/Down

Obj: 2885.00 TRP: 3002.00


RESISTANCES 2971.00 2998.00 3002.00

SUPPORTS 2940.00- 2916.00 2885.00

Comment: Last week’s slide signals a negative turnover and warns for a much larger peaking turnover. A

penetration through 2940-30 implies a head & shoulder top that will open up initial selloffs to 2885 as well

as chances for declines to the low 2800’s. Trade may fight to rebound from 2940 and congest back through

Friday’s selloff, but only a close over 3002* rekindles bull forces.

Commodities | SOFTS


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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 0.9821* 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 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

Forex | CURRENCIES


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highs. A breakout over 9886-89 creates a bull swing objective to 10030.


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AUSSIE$ ST Trend Sdwys/Down



RESISTANCES 0.9273 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 1.1357 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.

Disclaimer: This Report Is only for General Information. Opinions/Estimates Contained Herein is Subject to Change without


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Daily forex technical analysis report – 28 04-2014