Daily forex technical analysis report – 08 04-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 08/04/2014

www.sevenstarfx.com

MARKET WATCH A leading online forex broker that offers

most constructive updates about forex market that helps you to recognize right possibilities to make profit. Get daily updates of market watch about Metals like Gold, Silver, Copper, Energy, and Foreign Currencies like Euro, Great Britain Pound, USD and many more…

Daily Technical Analysis Report


www.sevenstarfx.com

GOLD ST Trend Down

Obj: 1265.00 TRP: 1321.20

DECEMBER FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1308.00 1309.00 1321.20*

SUPPORTS 1293.00 1288.90* 1281.90

Comment : Overall the market is still bearish, but near term correcting off the 1284-1277

target zone. Be ready for modest rebounding or corrective days this week. A close over

132120* is needed to secure a short term turnaround and spark a bull trending upswing. If

recovery action fades under 132120*, suspect one more bear leg. A close under 128890* or

drop under 128190 will resume bear forces and chances for a drop to 126520*-1262.

SILVER ST Trend Down

Obj: 19.520 TRP: 20.950


RESISTANCES 20.165 20.315 20.585

SUPPORTS 19.745 19.660 -

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

1966 will resume declines to 1952 with a chance to probe against old lows from Dec-January.

Be prepared for several corrective days, possibly lifting 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 3.0545 3.0700 3.0885*

SUPPORTS 3.0060 2.9765 2.9595

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

test at 290-. Monday’s bounce suggests further recovery action into this week with rising

Commodities | Precious - Metals


www.sevenstarfx.com

congestion that will push for a test at 30885* resistance for a bottoming turn. Be careful for a

setback from 30885* to prompt secondary selloffs.


www.sevenstarfx.com

CRUDE OIL ST Trend Sdwys/Down

Obj: None TRP: 98.99

JANUARY FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 101.02 101.62* 102.20

SUPPORTS 100.12 99.75 98.99*

Comment: The market is caught between 9899* support and 10162* resistance. A close under

9899* alerts for a short term bear turnover and larger selling wave to 9800-9700 and possibly

9636*. Last week’s bounce off 9899*+/- gives a slight bull bias, but a close over 10162* is

needed for a critical upturn to higher prices with an initial target to 10345.

NATURAL GAS ST Trend Sdwys

Obj: 4.636 TRP: 4.338


RESISTANCES 4.516 4.568 4.636*

SUPPORTS 4.369 4.338* -

Comment: Current rebounds are twisting short term trend forces up and hints for climbing

moves to 4636*. Be prepared for near term sideways congestion along 4400+/- as trade works to

turn trend momentum forces up. Stable action over 4338* will build for rallies. Only a close

under 4338* rekindles bear trend forces.

Commodities | ENERGY


www.sevenstarfx.com

MINI S&P ST Trend Up

Obj: 1793.50 TRP: 1870.50


RESISTANCES 1845.75 1853.00 1870.50*

SUPPORTS 1826.00* 1812.00 1793.50*

Comment: The sharp two day break signals a topping bear reversal and should drive

corrective selloffs to attack the 182350 swing low. A close under 1826 implies a larger

unfolding bear wave to 179350*-. We may see some consolidation action inside yesterday’s

range, but tight congestion should bear flag. A close over 187050* is needed to recapture bull

trend forces.

MINI DOW ST Trend Up

Obj: None TRP: 16163


RESISTANCES 16237 16300+/- 16418*

SUPPORTS 16163* 16112 15911-

Comment : The sharp two day break suggests a topping reversal and targets corrective

selloffs that may attack the 15911 swing low. A close under 16163* confirms a bear turn and

calls for an unfolding bear wave to 15911-. We may see some consolidation action inside

yesterday’s range, but tight congestion should bear flag. A close over 16418* is needed to

recapture bull trend forces.

MINI NASDAQ ST Trend Up

Obj: 3450.00 TRP: 3594.75


RESISTANCES 3456.50 3573.50 3594.75*

SUPPORTS 3489.00 3450.00+/- 3437.00

T Bonds | INDICES


www.sevenstarfx.com

Comment: The market is showing a bear turnover, calling for a sliding move back through the last major bull wave to reach for support around 345000-. Trade is poised for selloffs and any corrective congestion trapped within Monday’s range should quickly return to selloffs. Only a close over 359475* negates the bear trend alignment.


www.sevenstarfx.com

SOYBEANS ST Trend Sdwys/Up



RESISTANCES 1480.00 1490.00+ 1516.00

SUPPORTS 1458.00 1454.00- 1438.00

Comment: The market remains in a bull drive, but last week’s back off from the expected

target at 1490+ hints for defensive congestion. The formation retains potential, but a close

over 1490 is needed to send a push up around 1545+/-. Another back off from 1480-1490

cautions for selloffs. Selloffs should find support along the upper edges of previous

congestion. Only a close under 1438 3/4* negates the breakout signal.

SOYMEAL ST Trend Sdwys/Up

Obj: 497.70 TRP: 463.40

JANUARY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 481.10 485.10 491.50

SUPPORTS 472.30 469.90 463.40*

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

drive to 49770. Trade is bull flagging and positioning for aggressive rallies the next few days.

Corrective dips should fight to hold within last Monday’s range to maintain the upside

breakout signals. Only a close under 46340* highlights a topping turnover.

SOYBEAN OIL ST Trend Sdwys/Up



RESISTANCES 41.76*+ 42.06* 42.35

SUPPORTS 41.20- 40.80* 40.43

Comment: Last Wed-Friday’s reversals from over 4206*+ alerts for a stalled recovery and

suggests a shift into defensive congestion trade for the coming week. A close under 4080* could

Commodities | GRAINS


www.sevenstarfx.com

send a drop to again test 4016* weekly support. A close over 4176* will boost trade to challenge

4206* resistance again and attempt sustained advances.


www.sevenstarfx.com

WHEAT ST Trend Down

Obj: 658.00 TRP: 699.00

MARCH FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 677.00 679.00 686.00*

SUPPORTS 667.00 658.00 647.00

Comment : Overall the market is short term bearish. Be ready for follow through selloffs, but

be ready for another stall around 658 1/2+/-. Fri-Monday’s bounce may already have started

a near term turn for corrections for this week and sustained action over 677 1/2 could boost

retracements to 690-699*. A close under 658 1/2 warns for a larger unfolding selloff to 640-.

CORN ST Trend Down

Obj: 515.00+ TRP: 489.50


RESISTANCES 504.00 506.00 515.00+

SUPPORTS 494.00 489.00 -

Comment: Last week’s rallies still indicate an upside breakout over recent sideways flagging

congestion and creates potential for a significant bull wave to 515+. Corrective setbacks mid last

week tested against previous flagging levels and held which maintains the bull posture. A surge

over 507 1/2 will likely spark rallies. A close under 489 1/2* signals a reversing turn to the

downside.


www.sevenstarfx.com

SUGAR ST Trend Down



RESISTANCES 17.07 17.30 17.60*

SUPPORTS 16.87 16.80 16.49-

Comment: Last week’s drop off signals a short term bear reversal with a chance for sustained

choppy declines to 1650. Trade is poised for selloffs, but modest recovery / congestion late

last week could prompt sideways higher consolidation inside last Tuesday’s downturn for a

bear flag setup today. Only a close over 1760* rekindles bull trend forces.

COFFEE ST Trend Sdwys/Up

Obj: 201.50 TRP: 178.90


RESISTANCES 198.00 201.50 206.00+

SUPPORTS 188.10 186.25 178.90*

Comment : The market is triggering a bull turn into secondary advances to challenge against

the last swing high / peaking levels at 20150+. Trade is poised for rallies. A close over 20595

will confirm a breakout attack beyond the 20975+ high. Be prepared for a couple corrective

congestion days back in the upper 180’s. Only a close under 17890* marks a reversal to lower

levels.

COCOA ST Trend Up



RESISTANCES 2987.00* 3006.00 3039.00

SUPPORTS 2930.00 2905.00 2885.00*

Comment: The market is suggesting peaking congestion and could extend a selling wave to

Commodities | SOFTS


www.sevenstarfx.com

2885*. A close under 2885* is bearish. Friday’s recovery stops aggressive peaking action and

hints for choppy sideways trade. Only a close over 2987* rekindles bull trend forces and drives

trade to attack the last swing high.


www.sevenstarfx.com

COTTON ST Trend Down

Obj: 89.64 TRP: 94.86


RESISTANCES 91.55 92.48 94.86*

SUPPORTS 90.45 89.85 89.64*

Comment: The market is signaling a negative flip to 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 reluctance to penetrate below 9000 may again bounce

near term trade and hints for sideways congestion for several days, but a close over 9486* is

needed to rekindle bull trend forces.


www.sevenstarfx.com

EURO ST Trend Sdwys/Down

Obj: 1.3666 TRP: 1.3854


RESISTANCES 1.3748 1.3790 1.3803

SUPPORTS 1.3701 1.3670 1.3666*

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

Sustained action under 13700- should drive follow through selloffs against 13666*. Any near

term corrections kept in tight congestion will bear flag. A close over 13854* is needed for a

reversing turn back to higher levels.

B POUND ST Trend Sdwys/Up



RESISTANCES 1.6672* 1.6765 1.6773

SUPPORTS 1.6539* 1.6434 -

Comment: The market shows mostly sideways drifting action, but keeping trade capped

under 16672* keeps the balance of trend forces to the downside. A close below 16539* will

recapture bear trend forces and drive trade to 16434 and could foster a slide to 16350-. A close

over 16672* will trigger a reversing turn back to higher prices, sending trade to attack for a

breakout over previous swing highs.

J YEN ST Trend Down



RESISTANCES 0.9714 0.9760 0.9776*

SUPPORTS 0.9640 0.9598 0.9561-

Comment: The market is bearish, but last week’s bounce off the 9617 target is prompting near

term recovery action. Be alert for near term reactionary rallies today-Wednesday. However,

Forex | CURRENCIES


www.sevenstarfx.com

only a close back over 9776* reverses trade back to the upside. A close under 9617/9598 is

needed to continue washout declines against the base levels from early this year.


www.sevenstarfx.com

AUSSIE$ ST Trend Down

Obj: 0.9362 TRP: 0.9096


RESISTANCES 0.9249 0.9257 0.9362+

SUPPORTS 0.9160 0.9130 0.9096*

Comment: The market is in a bull drive and a sustained push over 9257 could spark

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

should hold 9160-9130 to keep a friendly alignment. Another 1-2 day sideways congestion

will add to the bull flag development from last week. A close under 9096* marks a reversing

turnover.

CANADIAN$ ST Trend Sdwys/Down



RESISTANCES 0.9111 0.9152 0.9188

SUPPORTS 0.9049 0.9025 0.8988

Comment: The climbing moves from last week signal a short term upturn and suggests a

drive to 9150- 9200. Trade is poised for rallies, but a minor slip may check support around last

week’s sideways congestion along 9049+/- as trade consolidates gains. Further tight

congestion days should bull flag. A close under 8946* rekindles bear trend forces.

SWISS FRANC ST Trend Sdwys



RESISTANCES 1.1286 1.1303 1.1385*

SUPPORTS 1.1227 1.1192 1.1159

Comment: The market is bearish. A close under 11219 could add washouts to 11159-, but

Monday’s rebound hints for a near term flip to recovery trade which could prompt modest

reactionary rebounds today- Wednesday. Be ready for resistance around the lower edges of

previous congestion near 11286+. A surge over 11312 is needed to spark a larger retracement to


www.sevenstarfx.com

11385*.

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 Solicitation for the Purchase or Sale of Any Financial

Instrument.

Business

Daily forex technical analysis report – 08 04-2014