Market Charts 11August2014

8/12/2019 Market Charts 11August2014

1/12

Technical Charts for week commencing 10 August 2014Prepared by Nicola uke

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Page 11 APage 12 $5P(00

f there are any other markets you would like to see please let us know6


2/12

GBPUSDweekly 7iew

Cable8s summer swoon is greater than the two pre7ious declines this year suggesting an interimtrend re7ersal off a ma9or o7erhead resistance6 As we approach recent pre7ious annual highsafter ( straight weeks in decline for the first time in 2 years we could well see support this week6

ith no sign of a re7ersal or support yet this is the weakest of the ma9or pairs6aily 7iew

-ighs from earlier this year supporting at 16+,/( would be looking for a minimum bounce to16+/10 or possibly 16+/(0 to sell again6

-ourly 7iew


3/12

EURUSD eekly 7iew

Two hammers in a row sitting on the weekly 200sma suggest that we may slow 5 go back toretest the breakdown le7el from the wedge at 16%(20 or pre7ious ma9or 16%((0 resistance6 Theshort positioning in this pair is 7ery high lea7ing it 7ulnerable to a s:uee;e that could o7er shoot

but for now selling a retest or trading a short term bounce look promising6aily 7iew

-ourly 7iew

16%%/( first le7el of support we are looking for today


4/12

AUDUSD weekly 7iew

Although it looks like A##$ has broken below the mid summer trading range the weekly do9ishows little follow through and we are still ho7ering abo7e last summers highs and the April


5/12

USDJPYweekly 7iew

The bullish wedge breakout has seen a retest and we closed the week as a sideways do9i6 ithmost )apanese companies on holiday this week it may not be the fastest trade6

aily 7iew

"ullish hammer following the retest of the breakout suggests longs6

-ourly >iew

Pullbacks to 10160 could be bought for a minimum target of 1026+0


6/12

EURGBP weekly 7iew

This might be my fa7ourite trade based on the etreme short positioning in ' and the

unwinding of !"P longs6 "ullish bat fibonacci pattern targets return to 06/4

aily 7iew

'etest of the in7erse head and shoulders pattern gi7es a nice long entry6

4 hour chart 7iew

This pair likes to meanBre7ert so could pullback to 06,40 or lower and pattern still intact6 atchthe price action6


7/12

USDCHF weekly 7iew

=arket fought hard to make sure #$C-. did not break the start of the year closing highs6Two weekly shooting stars in a row are bearish like the re7erse of '#$aily 7iew6

The topping price action and bearish bat fibonacci pattern fa7our shorts6 'esistance becomessupport at the )une highs at 06010 but first target for the fibonacci pattern is 06/((

-ourly 7iew

Price action mo7ing a7erages are all bearish6 3nly trading abo7e 0/% negates that 7iew forthe start of the week6


8/12

EURJPY weekly 7iew

.ibonacci says this pair should be on its way to 1%2 but the break to new lows for the year andthe failure to close below that =arch low is short term bullish6

aily 7iew

"ullish piercing line .riday is :uite a reliable bullish pattern6 $o a counterBtrend trade set up for

the bra7e6 The less bra7e can wait and sell a break and retest of 1%+620-ourly 7iew

atching for a bottoming pattern support lies at 1%+6+2 and 1%+61,

=o7ing a7erages are supporti7e6


9/12

GOLD weekly 7iew

The middle of a wedge is a hard place to trade but the bigger pattern is bullish and shouldresol7e higher to 14/(6

aily 7iew

"earish candles D suggest if we ha7e broken from a declining wedge we retest the breakoutle7el at 12(B1%00

-ourly 7iew

Possible short term topping pattern we need to see right shoulder de7elop ?or break lower@today


10/12

OIL#$ T crude weekly 7iew

!artley fibonacci pattern has met its 2ndtarget and crude has good structure support at the,6(0 le7el

aily >iew

f we bottom +20B40 then its an A"C or A"EC correction which is bullish and we will be backabo7e 100 in short order and looking for new 2014 highs so what we do here is key

-ourly 7iew

e do seem to be consolidating here resistance is at 06%0 and key support for bulls +620B40


11/12

DAX weekly 7iew

The =arch low has not been broken to keep the uptrend intact for now6 )ust6aily 7iew

"ullish piercing line candle pattern is a reliable one D and we are a long way from mo7inga7erages6 $horter term pullbacks look like buys for now-ourly 7iew

=o7ing a7erages and trendlines all suggest a bullish re7ersal but we need to clear 1+, pi7otand fibonacci resistance to confirm this week6 f we do then first targets are %(% and +20


12/12

S&Pweekly 7iew

"ullish weekly hammer and support from the spring highs ?resistance becomes support@ and the

%/62 fib retracement from the 2014 lows is 7ery bullish6aily 7iew

Any pull backs to last weeks low are buys with the trendThe only caution that we will not see new highs ?for now@ is that the decline is in ( wa7es6-ourly 7iew

Fey support for bulls to buy is 11,62( and a retest of last weeks lows'esistance 1%1 142 5 1(0

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Market Charts 11August2014