Technical Charts Daily view for 12 August 2014

Prepared by Nicola Duke

Page 2 GBPUSD & EURUSDPage 3 AUDUSD & USDJPYPage 4 EURGBP & USDCHF

Page 5 EURJPY & GoldPage 7 WTI Oil & DAX

Page 8 S&P500

Let me know if you would like a chart for anything else.

GBPUSD Daily viewHas stopped going down, and small harami inside day yesterday. Not a compelling trade into theinflation report. Below 1.6785 support is 1.6733 A close below that means continuation to 1.6630. Overhead resistance 1.6820 and 1.6877Hourly view

Cable loves to spike through support and resistance levels and come back. Watch for a false break of last weeks low before higher this morning

EURUSD Daily viewThe support in EURUSD is 1.333 and that is holding. Longs still favoured to 1.3490 for now.Hourly view

Bearish pattern triggered on Friday could set up a retest of the lows.The rally from Thursdays low was 5(3) waves so looking for two swings lower before higher again. 1.3357 & 1.3347 support today

AUDUSD Daily viewInside day. Bullish gartley fibonacci pattern from the April lows and bullish hammer from Friday still in play. Still looking for support here or the range bottom below.Hourly View

Inverse head and shoulders failed (showing why you wait for the neckline) gives us a nice entry Watch for resistance at 93.00 & 93.17. Gartley pattern targets a minimum of 93.25 and likely a return to the top of the range in the 94'sMajor support below at 92.00 and 91.30

USDJPY Daily viewBullish hammer from Friday has been triggered and moved higher. We are now holding at 50% of the decline since the end of July, a common place for shorts to reload ...Four Hour View

Looking left this 102.25-30 level has been pivotal resistance since February. Oscillators say its likely to hold today too. Back above and holding above is bullish.

EURGBP Daily viewBullish bat fibonacci pattern still in play targets return to 0.84Retest of the inverse head and shoulders pattern gives a nice long entry.4 hour chart view

Inverse head and shoulder bullish reversal still the trade to watch. Inverse patterns with downward sloping necklines perform better but that does not negate this pattern, it is August after all.

USDCHF Daily view. Consolidation days inside of Fridays big drop. Two weekly shooting star dojis warn of bearish reversal.The topping price action and bearish bat fibonacci pattern favour shorts. Resistance becomes support at the June highs at 0.9010 but first target for the fibonacci pattern is 0.8955Four Hourly view

Looking for 9083 to hold as resistance for another leg lower this morning. Above that level sets up a retest of the range highs at 9103.

EURJPY Daily viewFriday's bullish candle off good support triggered longs yesterday and now we appear to be doing some back and fill. Long targets remain 136.20Four Hourly view

Watching for an interim bottoming pattern, rather than downtrend continuation support lies at 136.40 and 136.16

GOLD Daily viewStill waiting for follow through of Fridays bearish shooting star, we have gone sideways. Lookingfor lower to test the breakout level of 1295-1300Longs waiting to reload long thereFour Hourly view

If too many people are looking at this pattern then the false trigger short may just send it higher today without looking back … If it does trigger short still waiting for 1295-1300Upside targets/resistance at 1331 and 1348 if we make new highs

OIL US WTI crude Daily ViewIf we bottom 9620-40 then its an ABC or AB=CD correction which is bullish and we will be back above 100 in short order and looking for new 2014 highs so what we do here is keyFour Hourly view

Still looking for a bottom and a break of this consolidation. Resistance is at 90.30 and key support for bulls 96.18-40

DAX The March low has not been broken to keep the uptrend intact for now. Just.Daily viewBullish piercing line candle pattern in play we have hit fibonacci resistance buying dips still favoured for a minimum target of 9335 then 9620Four Hourly view

At the 9167-9170 pivot which we need to clear for higher.Support at 9085 & 9065S&P Daily viewContinuous rally with shallow pullbacks off Friday mornings low suggests too many shorts or a bit of a squeeze. We have gone straight to the 50% retracement of the decline from 24Jul14 high. Shorts who believe the high is in will look to reload here for a trend move to new lows so expect some back and forthFour Hourly view

Further resistance at 1949 & 1954Resistance Support 1917, below that we retest Fridays low.

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