daily forex technical analysis report – 31 03-2014

Please do not print this report unless it is absolutely necessary. Save a tree. Date: 31/03/2014

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GOLD ST Trend Down

Obj: 1284.00- TRP: 1351.70

DECEMBER FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 1308.00 1320.60 1329.80*

SUPPORTS 1284.00- 1273.00- 1265.20*

Comment: The market is bearish and vulnerable to further washouts at 1284-1275. Sustained

action under 1308- should help propel selloffs. Any corrections should try to setup a bear flag

and stay under 1320-. A reluctance to climb over 1320 will encourage selloffs. A close over

132980* is needed for a near term flip up with retracements back to 135170*.

SILVER ST Trend Down

Obj: 19.520 TRP: 20.950


RESISTANCES 19.965 20.055 20.315

SUPPORTS 19.600- 19.500 -

Comment: The market is bearish and vulnerable to further washouts at 1284-1275. Sustained

action under 1308- should help propel selloffs. Any corrections should try to setup a bear flag

and stay under 1320-. A reluctance to climb over 1320 will encourage selloffs. A close over

132980* is needed for a near term flip up with retracements back to 135170*.

COPPER ST Trend Sdwys /Down

Obj: 2.7100 TRP: 3.0885


RESISTANCES 3.0610 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 suggests a

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

Commodities | Precious - Metals


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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 101.62* 102.24 103.60+

SUPPORTS 100.78 100.40 98.99*

Comment: The market is up against 10162* resistance, challenging for a larger advance. A close

over 10162* projects rallies to push into the early March swing high. However, be careful for a

rejection around 10162* that could drive trade back into corrections along 100-. A close under

9899* is needed for a reversing turn to lower levels.

NATURAL GAS ST Trend Sdwys

Obj: 4.641 TRP: 43.76


RESISTANCES 4.552 4.650 4.700

SUPPORTS 4.440 4.376* -

Comment: Last week’s thrust higher triggered a short term reversing upturn and calls for follow

through rallies into the 4607-4650 area. We may see minor consolidation of gains in the upper half

of last Thursday’s run, but tight congestion will quickly form a staging level for rallies. Only a

close under 4376* rekindles bear trend forces.

Commodities | ENERGY


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MINI S&P ST Trend Up

Obj: 1821.00 TRP: 1860.50


RESISTANCES 1856.50 1860.50* 1871.00

SUPPORTS 1842.25 1836.00 1821.00*

Comment: The market is short term negative and trying to extend a corrective turnover.

Rejected trade from 186050* will foster selloffs. A close under 1821* should be respected for a

larger topping downturn that could wash trade below 1800-. A close back over 186050* is

needed to rekindle bull trend forces.

MINI DOW ST Trend Up

Obj: None TRP: 16094


RESISTANCES 16299 16370+ -

SUPPORTS 16164 16094* 15950-

Comment : The market posture retains a short term bull bias, signaling for a secondary drive to

challenge previous swing highs over 16400+. A breakout at new highs is needed to launch

advances. Near term congestion still warns minor corrective action that may slip below 16200-,

but only a close under 16094* signals a turn to bear trending trade.

MINI NASDAQ ST Trend Up

Obj: 3531.00 TRP: 3669.00


RESISTANCES 3595.75 3604.00 3669.00*

SUPPORTS 3543.50 3531.00 3488.00-

Comment: The market is showing topping / bearish signals and open to declines at 353100 and

possibly lower. Trade is positioned to again extend selloffs today. Any minor corrections should

T Bonds | INDICES


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continue to struggle to get over 360000+ and sideways action will bear flag. Only a close over

366900* rekindles bull trend forces.


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SOYBEANS ST Trend Sdwys/Up



RESISTANCES 1444.00 1450.00 1460.00

SUPPORTS 1421.00 1411.00 1401.00

Comment: The market is still short term bullish, but another rejection up around the last swing

high and drop off through 1411 3/4 / 1401 1/2* will mark a turn to peaking trade. A close

under 1401 1/2* opens up retracement potential to 1360-. On the other hand, a breakout over

1460 signals a significant upside breakout and should trigger a drive to 1490+.

SOYMEAL ST Trend Sdwys/Up


JANUARY FUTURE LEVE1 LEVEL2 LEVEL3

RESISTANCES 475.00 482.00+ -

SUPPORTS 465.40 459.80*- 447.80*

Comment: The market is bullish, trying to breakout over 47150 and signal for a drive beyond

482+. Another back off from 470+ may trigger defensive consolidation days in the 470-460 zone.

Mostly sideways action over 45980* will allow trade to bull flag. A close under 45980* marks a

turn back against 44780*.

SOYBEAN OIL ST Trend Sdwys/Up

Obj: 40.16 TRP: 42.27


RESISTANCES 40.86 41.31 41.59

SUPPORTS 40.16*+/- - -

Comment: The market is bearish. The sliding declines from last week show a bear target to a 4016*

retracement support level. Any attempts to correct back through recent down sloping congestion

will likely stop under 4131 to keep a bear flag setup. A push over 4131 could spark rebounds. Only

Commodities | GRAINS


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a close over 4227* marks a turn into sustained corrections. Watch for a bounce off 4016* on the first

test.


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WHEAT ST Trend Down


MARCH FUTURE LEVEL1 LEVEL2 LEVEL3

RESISTANCES 699.00 706.00 716.00

SUPPORTS 690.00* 683.00 670.00-

Comment : The market remains in a bull trend. A breakout over last week’s high creates

potential for a blow off run over 750+. However, choppy trade indicates a correction phase and

close under 690* marks a reversal into topping trade for a likely retracement selloff into the 670-

660 levels.

CORN ST Trend Down



RESISTANCES 495*+.00 500.00 502.00

SUPPORTS 487.00 485.00 482.00

Comment: The market is in a bull trend, suggesting a preliminary upturn from recent congestion

and poised for rallies. A breakout over 495* rekindles the bull advance and should lift trade for a

breakout over the last spike high, sparking rallies beyond 515+. If we see further setbacks from

495*, then be on guard for reactionary selloffs with a press under 482 starting a reversal turnover.

A close under 472* is bearish.


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SUGAR ST Trend Down

Obj: 18.10 TRP: 17.21


RESISTANCES 18.03+ 18.22 18.47

SUPPORTS 17.64 17.46 17.44

Comment: The surging rallies late last week signals a bull turn and calls for a secondary

advance to attack the last swing high. Trade is poised for rallies. A breakout over 1847 could

launch a sustained bull drive over 1900+. Be prepared for a minor pullback from the 1803-1810

area that could lead into a few consolidation days. Any dips should fight to hold just under

1750- to maintain bull forces from last week’s upturn.

COFFEE ST Trend Sdwys/Up

Obj: 159.50- TRP: 193.05


RESISTANCES 181.20 183.30* 193.05*

SUPPORTS 176.75 173.60 166.00

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 2955.00 2931.00 2918.00

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

Commodities | SOFTS


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wave. Friday’s outside bull day may lead to 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 94.12 94.86* 97.35

SUPPORTS 91.69 90.00 89.64*

Comment: Last Wednesday’s reversal still signals a negative flip in the short term trend 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-. Residual bull forces are trying to lift trade back into the

bull drive. A close over 9486* will rekindle bull trend forces. Sideways consolidation under 9486*

will lead into another selloff.


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EURO ST Trend Sdwys/Down

Obj: 1.3666 TRP: 1.3866


RESISTANCES 1.3787 1.3809 1.3866*

SUPPORTS 1.3705 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*. Any corrections

that stall around 13800+/- should stay aligned for selloffs. A close over 13866* is needed for a

reversing turn back to higher levels.

B POUND ST Trend Sdwys/Up

Obj: 1.6440 TRP: 1.6672


RESISTANCES 1.6640 1.6644 1.6672*

SUPPORTS 1.6555 1.6527* 1.6499

Comment: The market remains in a bear trend with potential for declines to 16440. However, it

will take a roll back under 16527* to rekindle bear trending action. A drop back under 16499

should release a bear leg to 16440-. Corrective rebounds will need to power back through

congestion and close over 16672* to trigger a reversing turn back to higher prices.

J YEN ST Trend Down

Obj: 0.9617 TRP: 0.9818


RESISTANCES 0.9752 0.9783 0.9818*

SUPPORTS 0.9697 0.9660- 0.9617

Comment: On Friday the market triggered 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 under

9600-. A press below 9697 will encourage selloffs. Only a close back over 9818* reverses trade back

Forex | CURRENCIES


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to the upside.


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AUSSIE$ ST Trend Down

Obj: 0.9362 TRP: 0.8988


RESISTANCES 0.9221 0.9280 0.9362+

SUPPORTS 0.9147 0.9075- 0.8988*

Comment: The market shows a bottoming upturn, signaling for a potential run to 9362. Any

corrective dips should hold along the upper edges of recent congestion at 9075- to keep a

friendly alignment. Likely any 2- 3 day congestion off 9075 will bull flag. Only a close under

8988* 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 Friday’s rejection 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 1.1327 1.1337 1.1409*

SUPPORTS 1.1240 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 close under 11215 is bearish. Any corrective congestion that

remains under last wednesday’s inside day high will remain in a negative alignment. A pop over

11337 is needed to run trade to attack 11409* and attempt a new bull advance.

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daily forex technical analysis report – 31 03-2014

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