AUD/USD Technical Analysis for 28.06.2-13 Trend News

Daily bars, overall picture:

The daily chart shows that the pair has resumed its downtrend from the lower line of the envelope model 0.93.

MACD histogram is rising, stochastic is up, signifying the bullish trend.

The main tendency is downtrend.

However, there are no significant changes in the volumes.

System analysis:

We expect the continuation of an uptrend to 0.935, sell deals are recommended from this level.

The average line is at 0.944 level from which sell deals are also recommended.

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EUR/USD Wave Analysis for June 28, 2013 Trend News

Wave analysis:

Having rebounded from the maximum of 1.2975, EUR/USD was consolidating yesterday between the 30^th figure level and 1.3050. Thus, we can probably observe now an incomplete correction figure of a would-be wave B of the downtrend which started from the high of May 19. If our projection is correct, the upward move can unfold further to 1.3100 or 1.3150. Meanwhile, there is a possibility that wave A can be longer and more complex due to the depth and length of the upward correction.

Targets for down wave:

1.2975 – 23.6% of Fibonacci

1.2900

Targets for new up wave (possible wave B):

1.3115 – 38.2% of Fibonacci

1.3229 – 50.0% of Fibonacci

Summary and trading recommendations:

It is likely that the instrument have finished the building of wave A of the downtrend near 1.2975 level. In such a way, a rebound from the reached lows and quotes’ upraise can be continued with the same targets near 1.3115 and 1.3229 or 38.2% and 50.0% of Fibonacci. In the course of a new up wave, probably wave C, we expect a decline (after wave B is finished) with the targets placed near 1.2975 or 23.6% of Fibonaci and then lower to 29^th figure.

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Elliott Wave analysis of EUR/JPY for June 28, 2013 Trend News

Today's Support and Resistance levels:

R3: 130.71

R2: 130.09

R1: 129.70

Current Spot: 129.05

S1: 128.64

S2: 128.37

S3: 127.90

Technical overview:

The rally of the 126.57 low has been very dynamic and the fact, that we have broken above the falling channel resistance line has forced us to make a slight change in our count. Now the most likely count is that we are in wave b towards 131.27 before the next downside pressure should be expected. We warned yesterday that the overlapping structure down from 129.90 could be either a leading diagonal or a correction of the 129.90 high and the impulsive rally indicates, that the decline of the 129.90 high was a red wave b correction. We are now looking for red wave c higher towards 131.27. Once this red wave c is finished we should expect a new powerful decline down to at least 124.96 again.

Trading recommendation:

We took a fresh new short position at 128.63, but our stop at 129.25 was quickly taken out. We will stand on the sideline for now and await a new EUR-selling opportunity at 131.15, where we sell EUR with a stop at 132.15.

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EUR/NZD Elliott Wave analysis for June 28, 2013 Trend News

Today's support and resistance levels:

R3: 1.6848 (bottom of wave i - Should not be broken)

R2: 1.6801

R1: 1.6754

Current Spot: 1.6740

S1: 1.6705

S2: 1.6665

S3: 1.6600

Technical overview:

We have seen the expected minor rally higher. It went a little higher than our expected 1.6789 (the top has been at 1.6801), but that does not damage our larger count. We are now looking for a break below 1.6705 and, more importantly, a break below 1.6665 to confirm the next decline towards 1.6600 and 1.6541. Once we reach support at 1.6541 we should expect a new correction higher, but this correction should stay well below 1.6801. For now, we are focused on the downside and a break below 1.6705 as the first indication, that a decline to 1.6541 is in progress.

Trading recommendation:

We sold EUR at 1.6780 and will keep our stop at 1.6850 for now. We will take profit on our short position at 1.6550. If you do not have short EUR positions already, then sell at a break below 1.6705 with the same stop at 1.6850.

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Silver holding 18-19 for now. Awaiting reversal signal Trend News

Technical outlook and chart setups:

A daily chart view has been presented here for recent down swing view and resistance levels. Immediate resistance is seen at 23.00 level, followed by 25.00 and higher; while support is at 18.00 and 17.00 respectively. At present, it looks to be consolidating between 18-19 levels and a possible reversal signal is awaited. Watch out for a bullish reversal signal appearance on a 4H or Daily chart view. A likely head and shoulder reversal setup has been depicted on the chart here. Silver should rally towards 23.00 levels and then retrace down towards 21-22 levels to enter aggressive buying position.

Trading recommendations:

Flat for now. Awaiting for clear buy signal.

Good luck!

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EUR/USD. Forecast for June 27, 2013 Trend News

Gold hits fresh lows at 1,220.00. Awaiting reversal signal to go long Trend News

Technical outlook and chart setups:

A daily chart view is presented here highlighting the recent downswing and expected reversal at weekly congestion. Immediate chart resistance is at 1,420.00 level, followed by 1,475/80 and higher levels, while support is at 1,200/1,150 levels (as per weekly charts). At present, prices are consolidating near the weekly congestion of 1,200-1,230 price range. A bullish reversal here on a daily chart or 4H chart view, would instill confidence to go long again. Maximum possible downside is seen at 1,150 level as per weekly Fibonacci levels. Remain flat for now and await a clear buy signal.

Trading recommendations:

Flat for now.

Good luck!

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EurJpy: Selling pressure remains. Hold short positions Trend News

Technical outlook and chart setups:

The single currency pair is poised to accelerate downfall once 125.00 level gives way. It is recommended to remain short for now and add further on intraday rallies. Immediate resistance is at the tweezer top formation around resistance line at 130.00 level, followed by 131/132, and 134.00 levels on the higher side; while immediate support is at 125.00 level, followed by 119.00 and lower. A possible head and shoulder reversal is under formation, and once 125.00 breaks down, we can expect acceleration towards 121.00 level. Looking lower from here on.

Trading recommendations:

Remain short, stop is at 132.0, and target is at 121.00 at least.

Good luck!

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GbpChf: Hold on long positions. 1.4300 support Trend News

Technical outlook and chart setups:

The single currency pair seems to have formed an intermediate bottom ahead of 1.43 level and is pushing higher at the moment. The sloping downtrend line is converging at 1.46 level. Hence a push higher than that would instigate further confidence that bulls are in control. Immediate resistance is at 1.47, followed by 1.48, while strong resistance is at 1.5 level. The current wave extensions are pointing towards at least 1.5150 level, before a meaningful reversal occurs. It is recommended to hold long positions for now with a risk below 1.43, and also use intraday dips as fresh buying opportunities. Immediate support is at 1.43 level, followed by 1.4075 and lower.

Trading recommendations:

Hold long positions, stop is just below 1.43, and target is at 1.5150.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 27, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6789

R2: 1.6746

R1: 1.6700

Current Spot: 1.6661

S1: 1.6625

S2: 1.6578

S3: 1.6519

Technical overview:

With the break below important support at 1.6825 (top of red wave i) we knew that we had seen the top of black wave v and wave C at 1.7111. Even though we believed that we had more more room towards the upside. We warned that a top could be in place any time, as we had a complete five wave rally from the 1.5080 low. So what can we expect from here? First of all we are likely looking for a corrective X-wave building. The ideal target would be just below 1.6388. Therefore, we will have to switch our mind-set towards a corrective decline rather than an impulsive rally higher. In the short term we expect a minor corrective rally towards 1.6789, from where the next part of the X-wave decline is taking place towards 1.6529.

Trading recommendation:

We are looking for a possibility to sell EUR and will sell at 1.6780 with a stop at 1.6855. We will place our take profit at 1.6550.

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EUR/JPY Elliott Wave analysis for June 27, 2013 Trend News

Today's support and resistance levels:

R3: 128.45

R2: 127.95

R1: 127.50

Current Spot: 127.40

S1: 127.03

S2: 126.85

S3: 126.13

Technical overview:

The short-term important support was attacked again yesterday and once again the attempt failed. The lack of downside pressure is kind of worrying and as the structure of the decline from 129.90 is very overlapping, we should stay alert. The very overlapping decline from 129.90 can mean two things. 1) That a leading diagonal has been building. If this is the case we should likely see a rally towards 127.80 and maybe even higher towards 128.24 or 128.63 in wave ii before the real downside pressure takes over. 2) That the decline from 129.90 has been a triple zigzag correction. If this is the case, we should soon see a new much bigger rally materializing towards at least 131.46. Both scenarios are calling for some upside pressure for now, but the slightly longer outcome will be totally different. For now we will just have to wait and see, which scenario is the right one. However our slightly preferred count is the leading diagonal count.

Trading recommendation:

We short EUR from 128.20 and we will book our nice little profit here at 127.40. We will resell EUR near the falling channel resistance line at 128.63 or upon a break below 127.03 with a stop at 129.25.

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Silver searching for bottom. 17.00 seen as max downside Trend News

Technical outlook and chart setups:

Silver is searching for bottom formation/support levels. At the moment it remains at the following:

1. Past resistance turned support levels 18.50-19.20.

2. Fibonacci retracement levels of the entire rally from 08-10 to 49.00 level.

3. Fibonacci extension of the downswing from 49.00 to 34.00 level.

A bullish reversal is possible here or around 17.00 level; before the metal reverses. Watch out for a bullish reversal on higher timeframes of 4H and daily charts to enter long positions for good.

Trading recommendations:

Flat for now. Looking for bullish reversal.

Good luck!

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Gold at past congestion near 1,250.00 Trend News

Technical outlook and chart setups:

The metal is right at the congestion of the following:

1. Past resistance becoming future support at 1,250.00.

2. Fibonacci retracement (0.50) of the rally between 680.00 to 1,900.00 levels.

3. Fibonacci extensions of the down cycle from 1,900 to sub 1,500 levels.

A bullish reversal here should be bought against current lows. Another potential remains for the metal to test 0.618 retracement levels near 1,150.00 level before reversing for good. Watch out for a reversal at current levels or 1,150.00 level to enter long positions.

Trading recommendations:

Flat for now. Looking for bullish reversal.

Good luck!

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EurJpy holding line of resistance well. Remain short Trend News

Technical outlook and chart setups:

The single currency pair is testing and holding the sloping line of resistance well till now. Indications are towards a fresh low possibly to 121.00 level as depicted here. Immediate resistance is at 131.00, followed by 132.00 and 134.00 on the higher side; while support is strong at 119.00 level for now. As seen here, the outer line of support is passing through 113/114 levels. The currency pair can fall all the way towards outer line and bounce of 113/114 levels in coming days. On the flip side, if 125.00 level hold, the pair would want to push higher up and challenge 134.00 levelagain. Probabilities for now are towards the downside till downtrend line remains intact.

Trading recommendations:

Hold on to short positions, stop is at 132.00, and target is at 121.00 and lower.

Good luck!

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GbpChf bounces off 0.618. Hold long positions Trend News

Technical outlook and chart setups:

As depicted here, and discussed yesterday, the single currency pair has bounced off the Fibonacci 0.618 support ahead of 1.4300 level; of the rally between 1.4075 and 1.4800. The morning star has appeared on the daily chart view and it would hold significance from here on. It is hence recommended to hold long positions initiated with a risk below 1.4300 level. Major resistance is fixed at 1.5; while supports are spread through 1.4075 and 1.4 on the lower side. Extensions are pointing towards 1.5150 level at least; if not further up. Look to buy on intraday dips as well; till prices are above 1.43.

Trading recommendations:

Hold long positions, stop is just below 1.43, and target is open.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7055

R2: 1.70606

R1: 1.6960

Current Spot: 1.6917

S1: 1.6913

S2: 1.6846

S3: 1.6825 (Top of red wave i)

Technical overview:

We saw a new attempt to break above short-term resistance at 1.7006 yesterday, but it failed and that turned us down towards strong support at 1.6825. The support at 1.6825 marks the top of red wave i of black wave v and should not be broken, as that would leave us with an overlap between red wave i and red wave iv, which is not allowed under the Elliott Wave Principle. Therefore, we continue to expect, that support at 1.6825 will continue to protect the downside for a break above resistance at 1.6960 and, more importantly, a break above 1.7006, which should open up the upside for the final rally higher. As both red wave i and red wave iii are almost equal in length it is entirely possible that red wave v will be the extended wave. An extension in red wave v will equal the distance traveled from the bottom of red wave i at 1.6388 to the top of red wave iii at 1.7111 and will give us a possible red wave v target near 1.7550. That said we will have to stay alert for the signs of a possible top as all requirements for an impulsive rally since the 1.5080 low has been fulfilled.

Trading recommendation:

Our stop at 1.6860 was taken out for a nice profit. However, we will like to be on-board if red wave v extends. Therefore, we will buy EUR again upon a break above 1.6960 with stop at 1.6820.

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Elliott Wave analysis of EUR/JPY for June 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.14

R2: 128.68

R1: 128.45

Current Spot: 127.76

S1: 127.71

S2: 127.28

S3: 126.76

Technical overview:

We saw a new attempt to break below strong short-term support at 127.28 yesterday. This attempt failed, but it is as the downside pressure is getting stronger and stronger. A break below support at 127.28 should get things going towards the downside and indicate a new decline towards strong medium-term support at 124.96 and only a clear break below here will open up for our ideal wave 2 target at 118.73. However, as long as support at 127.28 is protecting the downside we could see a new test of the falling channel resistance just below 129.00, but it should continue protecting the upside for the break below strong short term support at 127.28.

Trading recommendation:

We are short EUR from 128.20 with stop placed at 129.25. If you are not short EUR already, then sell near 129.00 or upon a break below 127.28 with the same stop at 129.25.

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EUR/USD. Forecast for June 25, 2013 Trend News

Silver: Bottom formation seen between 17.00 to 19.50 Trend News

Technical outlook and chart setups:

A weekly chart has been depicted here for the overall wave structure. The metal is trading between the 0.618 and 0.786 Fibonacci levels of the entire rally between 10.00 to 49.00 in recent years. A convergence is rather seen at 17.00 level (also the 0.786 Fibonacci level). It is expected that a major bottom formation is quite near; either at current levels at 19.50/60 or 17.00 level from here on. It is recommended to remain flat for now and await clear bullish/reversal signal at any of the above levels to enter long positions. Aggressive traders can enter short positions on a break of 19.40 level for a target of 17.00 level.

Trading recommendations:

Flat for now.

Good luck!

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Gold: Bottom formation seen at 1,280.00 or 1,150.00 Trend News

Technical outlook and chart setups:

The metal has crashed down towards the 0.5 Fibonacci support levels of the rally between 680.00 to 1,900.00 level on the weekly chart depicted here. As seen here, a Fibonacci convergence is seen around 1,270/80 levels, which can produce a bullish bounce/reversal. If not at current levels, the metal is poised to form base around 1,150.00 level, which is the 0.618 Fibonacci support level of the entire rally. It is recommended to remain flat for now and await a bullish reversal signal on a 4H or Daily chart to enter long positions. Aggressive traders may go short on a break of 1,270.00 level with risk above 1,302.00.

Trading recommendations:

Flat for now. Looking to buy on bullish bounce.

Good luck!

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EurJpy at resistance line. Looking lower again Trend News

Technical outlook and chart setups:

The single currency pair has hit the sloping line of resistance recently at 130.00 level and bounced back. Immediate resistance is at 131.00, followed by 132.00 and 134.00 on the higher side; while support is at 119.50 level. It is probable that the single currency pair continues to drift lower towards 121.00 level at least from current resistance. It is recommended to initiate short positions with a risk at 131.00 from here on. Intermediary support is seen at 125.00 level; if prices bounce back ahead of it; we shall consider turning into buying again. This scenario shall be updated tomorrow. For the moment, looking lower below 131.00.

Trading recommendations:

Initiate short positions, stop is at 131.00, and target is at 121.5.

Good luck!

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GbpChf remains bullish above 1.43 Trend News

Technical outlook and chart setups:

The single currency pair is bouncing off ahead of 1.4300 level recently, as seen here. This region is also marked by the Fibonacci 0.618 support of the rally from 1.4075 to 1.4800 recently. If this region holds well, it would be constructive for bulls, and a rally towards 1.5150 would remain possible. It is recommended to initiate long positions with risk below 1.4300. Major resistance remains at 1.5 level, while support is at 1.4075 level. An extended rally above 1.5150 would reach 1.5400 level. Immediate resistance are at 1.45/46 and 47 respectively. The chart remains constructive for bulls till prices are above 1.4300 level.

Trading recommendations:

Initiate long positions, stop is just below 1.4300, and target is open.

Good luck!

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EUR/JPY Elliott Wave analysis for June 25, 2013 Trend News

Today's support and resistance levels:

R3: 129.69

R2: 129.22

R1: 128.68

Current Spot: 128.15

S1: 127.85

S2: 127.28

S3: 126.76

Technical overview:

With the break below support at 128.14, we have had confirmation that a top is in place and a new decline towards important support at 124.96 is ongoing. Only a break below support at 124.96 will confirm our long held target at 118.73, where wave 2 will have corrected 38.2% of wave 1. In the short term, we are looking for a break below minor support at 127.85 for a continuation down to 127.28 and a break below here should accelerate the decline towards strong support at 124.96.

Trading recommendation:

We short EUR from 128.20 and will move our stop lower to 129.25. If you do not have short EUR positions already, then sell at a break below 127.85 with the same stop at 129.25.

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Elliott Wave analysis of EUR/NZD for June 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7053

R2: 1.6984

R1: 1.6934

Current Spot: 1.6910

S1: 1.6855

S2: 1.6825

S3: 1.6756

Technical overview:

We are looking for strong support at 168.25 (top of red wave i) to protect the downside for a break above resistance at 1.6975 and, more importantly, a break above resistance at 1.7053 which will confirm that a new high above 1.7113 will be seen. As the target for this ongoing black wave v we are looking for minimum 1.7162, but a more likely target is at 1.7400 and possibly at 1.7640. Once this black wave v finds its top we should expect the biggest correction we have seen since the 1.5080 low, both in points and in time.

Trading recommendation:

We are long EUR from 1.6450 and have our stop at 1.6820. As we are in the final parts of the rally from 1.5080 any new position should be regarded as a trading position only. That means close stops and quick exits.

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Elliott Wave analysis of EUR/JPY for June 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.91

R2: 129.70

R1: 129.38

Current spot: 128.08

S1: 128.71

S2: 128.42

S3: 128.14

Technical overview:

The falling channel resistance line has now been tested three times and held. Normally, this is a signs of strength and could indicate a very strong downside pressure soon. As we are looking for wave c lower, a strong downside pressure would make sense in our eyes. In the short term we are looking for a break below 128.61 as the first indication that renewed downside pressure is taking over. While a break below 128.14 is needed to confirm that yet another top is in place and wave c lower towards at least 124.96 is in progress. However, the risk is still a break above 129.90, which will open up for a move towards 131.31 and likely also higher towards the top at 133.81, in a much more complex correction.

Trading recommendation:

We are short EUR from 128.20 with a stop at 129.95. If you are not short EUR, we will recommend selling upon a break below 128.61 with the same stop at 129.95.

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Elliott Wave analysis of EUR/NZD for June 21, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7189

R2: 1.7113 (New top)

R1: 1.7050

Current Spot: 1.7004

S1: 1.6970

S2: 1.6918

S3: 1.6881

Technical overview:

We saw a new top at 1.7113 yesterday, so from an Elliott Wave Perspective we now have a five wave rally since the 1.5080 low. That does not mean we think this rally is over, but we are for sure moving closer to the point in time, where we should expect a bigger correction. As an minimum for this rally, we expect to see 1.7162, where black wave v will be 38.2% of the distance traveled from the bottom of black wave i to the top of black wave iii. However, it is more likely that we will see a continuation higher towards 1.7400, where black wave v will be 50% of that distance and lastly it could move towards 1.7640, where black wave v will have traveled 61.8% of that distance. Which target is more likely? We think that the 1.7640 target is the most likely target, but from now on a top can be put in at any time.

Trading recommendation:

We are long EUR from 1.6450 and will move our stop higher to 1.6820 (protecting as much of our profit as possible). We will place our take profit + revers of the long EUR-position to a sold EUR-position at 1.7600. Any new buying should be handled with care.

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Elliott Wave analysis of EUR/NZD for June 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7023

R2: 1.6982

R1: 1.6937

Current Spot: 1.6876

S1: 1.6825

S2: 1.6789

S3: 1.6740

Technical overview:

We saw red wave ii of black wave v end at 1.6615 yesterday and as it would be expected of red wave iii, it was very explosive. However, we expect that it was only the first part of red wave iii and that we should soon see this rally higher continue towards 1.7109 and higher towards 1.7320. In the short term we are looking for support at 1.6810, which will ideally protect the downside for the next impulsive move higher towards resistance at 1.7109.

Trading recommendation:

We are long EUR from 1.6450 and will move our stop higher to 1.6610. If you are not long EUR already, then buy near 1.6810 or upon a break above 1.6937 (one order done cancels the other) with the same stop at 1.6610.

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Elliott Wave analysis of EUR/JPY for June 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.95

R2: 129.34

R1: 128.78

Current Spot: 128.59

S1: 128.09

S2: 127.81

S3: 127.44

Technical overview:

After the break above important short-term resistance at 126.91 we expected a rally higher towards 128.28. We have seen a rally beyond that point, but it is no crucial any way. A break above resistance at 129.34 would not be expected, but only a break out of the falling channel will indicate that the wave 2 correction from 133.81 ended early and the next impulsive rally higher in wave 3 has already begun. However, if resistance at 129.34 protects the upside for a break below 127.81 and, more importantly, a break below 127.05 we know that we have a top in place for a new decline towards strong support at 124.96.

Trading recommendation:

We sold EUR at 128.20 and has placed our stop at 129.40. If you are not short EUR already, then sell EUR on a break below 127.82 with the same stop at 129.40.

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AUD/USD - Key level 0.9519 - daily strategy for June 19, 2013 Trend News

The Australian dollar has been pushed down below the weekly pivot line, which is located at 0.9519. We see that it is still very difficult to sell the Aussie at this level again in the medium term. We hold our bearish outlook to the 0.9270 area, but in the coming days the pair may move upwards only if it is trading above 0.9520. So we recommend buying the pair only if on the H4 it is above this level. On the other hand, below 0.95 sales are secured to the first weekly support of 0.9375 and below even up 0.9181. The Momentum Indicator formed a bullish channel, due to that this channel has not been broken, it is likely that the Aussie gains bullish momentum to 0.9713.

If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com

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GBP/USD - Bearish outlook for June 19, 2013 (daily strategy) Trend News

This morning the British pound looked very bizarre in the American session, it moved without a clear direction. But also without the upward force shown in the previous days. The decline of British currency to 1.5640 could mean the beginning of medium-term downtrend. However, if you look at the chart, this pair is above the weekly pivot and below the 200-day EMA. It looks a bearish movement for the next few days will be observed, but since today relevant data will be revealed it is very likely to be volatile. Therefore, if the pair makes a pullback on the weekly R1 around 1.5799, you can sell only if the pair meets resistance, if you see this area fails you must wait until the next resistance to sell. We do not recommend buying at current levels because the Momentum Indicator is showing a bearish signal, which is most likely the decline of the pair.

If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Elliott Wave analysis of EUR/NZD for June 19, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6913

R2: 1.6870

R1: 1.6825

Current spot: 1.6768

S1: 1.6742

S2: 1.6710

S3: 1.6669

Technical overview:

We are currently in black wave v higher from the 1.6388 low. Since the low at 1.6388, we have seen an impulsive rally to 1.6825. It marks red wave i and we are currently in red wave ii, which we expect needs one last decline to just below 1.6669 before the next rally higher towards at least 1.7109 and more likely higher towards 1.7372 in an extension in red wave iii. As long as short-term resistance at 1.6825 protects the upside we are expecting the decline towards 1.6669, but a break above 1.6825 indicates that red wave iii is already under way higher.

Trading recommendation:

We are long EUR from 1.6450 with a break-even stop at 1.6450. If you are not long EUR already, then buy close to 1.6669 or upon a break above 1.6825 (one order cancels the other) with a stop at 1.6450 too.

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EUR/JPY Elliott wave analysis for June 19, 2013 Trend News

Today's support and resistance levels:

R3: 128.50

R2: 128.28

R1: 127.78

Current spot: 127.53

S1: 127.23

S2: 126.92

S3: 126.13

Technical overview:

When strong short-term resistance at 126.91 was broken, we knew that we need a rally towards 128.28 before the next attempt to break below strong support at 124.96 will be seen. We have seen a test of 128.11 till now, and as long as support at 127.23 protects the downside we expect that we will see one last rally higher to 128.28 before the next decline sets in. However, a break below 127.23 and, more importantly, a break below 126.91 will confirm, that we already have terminated the correction from 124.96 and a new test of this important support should be seen. In the longer term, we are still looking for a break below 124.96 for a decline towards our ideal target near 118.73, where wave 2 will have corrected 38.2% of wave 1.

Trading recommendation:

Our stop at 127.10 was taken out, but we fixed a nice profit all the same. We are looking for a new EUR selling opportunity and will sell at 128.20 or upon a break below 127.23 with a stop at 129.40.

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Elliott Wave analysis of EUR/JPY for June 18, 2013 Trend News

Today's Support and Resistance levels:

R3: 127.96

R2: 127.27

R1: 127.01

Current spot: 126.63

S1: 126.13

S2: 125.41

S3: 124.96

Technical overview:

We are currently in a wave 2 correction, correction of the entire rally from the 94.10 low to the 133.81 high. We expect this correction to correct 38.2% of wave 1, which will give us an ideal target near 118.73. We are currently in the middle of this correction and is looking for important resistance at 127.01 to protect the upside for a break below 126.13, which will confirm a new test of strong neck-line support at 124.96 and a break here will accelerate the decline towards our ideal target 118.73. However, if important short-term resistance at 127.01 gives away, we need a move higher to 128.28 before we can expect the next part of this decline.

Trading recommendation:

We are short EUR from 130.75 and has our stop at 127.10. If you are not short EUR alreay, then sell upon a break below 126.13 with a stop at 127.10 too.

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Elliott Wave analysis of EUR/JPY for June 18, 2013 Trend News

Today's Support and Resistance levels:

R3: 127.96

R2: 127.27

R1: 127.01

Current spot: 126.63

S1: 126.13

S2: 125.41

S3: 124.96

Technical overview:

We are currently in a wave 2 correction, correction of the entire rally from the 94.10 low to the 133.81 high. We expect this correction to correct 38.2% of wave 1, which will give us an ideal target near 118.73. We are currently in the middle of this correction and is looking for important resistance at 127.01 to protect the upside for a break below 126.13, which will confirm a new test of strong neck-line support at 124.96 and a break here will accelerate the decline towards our ideal target 118.73. However, if important short-term resistance at 127.01 gives away, we need a move higher to 128.28 before we can expect the next part of this decline.

Trading recommendation:

We are short EUR from 130.75 and has our stop at 127.10. If you are not short EUR alreay, then sell upon a break below 126.13 with a stop at 127.10 too.

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EUR/NZD Elliott Wave analysis for June 18, 2013 Trend News

Today's support and resistance levels:

R3: 1.6864

R2: 1.6800

R1: 1.6759

Current spot: 1.6725

S1: 1.6670

S2: 1.6629

S3: 1.6595

Technical overview:

With the break above important short-term resistance at 1.6590, we had the confirmation we needed to say that we did see the bottom of wave iv at 1.6388 and wave v higher towards the ideal target near 1.7640 is now developing. In the short term, we now find support at 1.6651 and strong support at 1.6595, which ideally will hold for the next rally higher towards our next targets 1.6913 and 1.6983, but they should just be small bumps on the way higher towards our ideal target near 1.7640.

Trading recommendation:

We long EUR at 1.6450 and will move our stop higher to break-even at 1.6450. If you do not have long positions on EUR yet, then buy near 1.6651 or upon a break above 1.6754 with a stop at 1.6450 too.

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EUR/NZD Elliott Wave analysis for June 18, 2013 Trend News

Today's support and resistance levels:

R3: 1.6864

R2: 1.6800

R1: 1.6759

Current spot: 1.6725

S1: 1.6670

S2: 1.6629

S3: 1.6595

Technical overview:

With the break above important short-term resistance at 1.6590, we had the confirmation we needed to say that we did see the bottom of wave iv at 1.6388 and wave v higher towards the ideal target near 1.7640 is now developing. In the short term, we now find support at 1.6651 and strong support at 1.6595, which ideally will hold for the next rally higher towards our next targets 1.6913 and 1.6983, but they should just be small bumps on the way higher towards our ideal target near 1.7640.

Trading recommendation:

We long EUR at 1.6450 and will move our stop higher to break-even at 1.6450. If you do not have long positions on EUR yet, then buy near 1.6651 or upon a break above 1.6754 with a stop at 1.6450 too.

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Elliott Wave analysis of EUR/NZD for June 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6648

R2: 1.6590

R1: 1.6537

Current spot: 1.6485

S1: 1.6465

S2: 1.6447

S3: 1.6388

Technical overview:

With a low at 163.88 (just 11 pips below our ideal target at 1.6399) we have most likely seen the bottom of wave iv and should now see wave v higher. We still need a break above important resistance at 1.6590, but a break above here will confirm the bottom is in place at 1.6388 and call for a rally higher towards 1.7640 as the ideal target for wave v. In the short term we would like to see support at 1.6465 protecting the downside for the break above 1.6590, but we must allow for a move all the way down to 1.6388 before the next rally higher. However, support at 1.6388 cannot be broken with even a single pip as that would invalidate our bullish scenario.

Trading recommendation:

We took profit on our EUR short-position at 1.6450 and at the same time we reversed the position into a long EUR-position and we will place our stop at 1.6380. If you are not long EUR already, then buy close to 1.6465 or upon a break above 1.6590 with a stop at 1.6380.

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Elliott Wave analysis of EUR/JPY for June 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 127.01

R2: 126.55

R1: 126.35

Current spot: 126.16

S1: 125.81

S2: 125.41

S3: 124.96

Technical overview:

Resistance at 128.17 protected the upside for a break below 126.16 which has open up the downside again for a new challenge of important support near 124.96. Once this support breaks we should see a powerful decline towards our target at 118.73, where wave 2 will have corrected 38.2% of wave 1. In the short term we could see a little more upside towards 126.55, but we should not see a break above 127.01 as that would indicate a new rally higher towards 128.29 before down again. However, a break below 125.81 and, more importantly, a break below indicates that the next real downside pressure has begun.

Trading recommendation:

We are short EUR from 130.75 and will move our stop lower to 127.10. If you are not short EUR already, then sell EUR close to 126.55 or upon a break below 125.81 (one order cancels the other) with a stop at 127.10.

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Silver: Resistance 23.00. A break above targets 25.00 at least Trend News

Technical outlook and chart setups:

There is no change in structure from what was discussed yesterday. Silver is setting up for a 3 wave retracement (counter trend rally). Support levels are 21.20/40, 20.75, and 20.00; while resistances are spread through 23.00, 24.50 and higher up. It is recommended to remain long for now, and also buy on intraday dips. The structure suggests that an important low is in place at 20.00 level and a rally should materialize from current levels towards 25.00/26.00 anytime. Minor resistance shall be met at 22.00 levels, but a push above that would raise through 23.00 and 24.00 very soon. Looking higher from here on.

Trading recommendations:

Hold on to long positions, stop is at 20.50, and target is open.

Good luck!

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Silver: Resistance 23.00. A break above targets 25.00 at least Trend News

Technical outlook and chart setups:

There is no change in structure from what was discussed yesterday. Silver is setting up for a 3 wave retracement (counter trend rally). Support levels are 21.20/40, 20.75, and 20.00; while resistances are spread through 23.00, 24.50 and higher up. It is recommended to remain long for now, and also buy on intraday dips. The structure suggests that an important low is in place at 20.00 level and a rally should materialize from current levels towards 25.00/26.00 anytime. Minor resistance shall be met at 22.00 levels, but a push above that would raise through 23.00 and 24.00 very soon. Looking higher from here on.

Trading recommendations:

Hold on to long positions, stop is at 20.50, and target is open.

Good luck!

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Gold eyeing 1,500.00. 1,365/50 support now Trend News

Technical outlook and chart setups:

The structure is simply sideways, since the recent swing lows were printed around 1,324.00 level. The metal has been swinging between the line of resistance and support as depicted here. Resistance right now is just around 1,410.00 (the trend line resistance), followed by 1,425.00, 1,450/60, 1,488.00 and higher up. Trend line support is at 1,350/60 levels, followed by 1,340.00 and 1,324.00 level on the downside. A rally past 1,410.00 would be enough to confirm that Gold is headed towards 1,500/25 levels atleast. On the flip side, a break of 1,350.00 would be critical for bulls. It is recommended to remain long for now.

Trading recommendations:

Hold on long positions, stop is at 1,349.50, and target is at 1,500/25.

Good luck!

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EurJpy hits 125.00 and pulls back. 123.00 in sight now Trend News

Technical outlook and chart setups:

The single currency pair is offering yet another opportunity to initiate short positions. The pair hit the first measured extension at 125.00 level yesterday and retraced back to 128.00 level. The next extension could be towards 123.00 level or even lower. Immediate chart resistance is 129.50, followed by 131.00, 132.00, and 134.00 on the higher side, while support is at 124.80 level, followed by 119.00 on the downside. It is hence recommended to remain short and also add on rallies towards 128.00 level. The structure may be unfolding in 5 waves towards 123.00; if that is the case, the pair would end significantly lower from current levels. Looking lower from here on.

Trading recommendations:

Remain short, stop is above 129.50, and target is at 123.00.

Good luck!

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GbpChf: Resistance 1.47/1.48. Rallies could be sold Trend News

Technical outlook and chart setups:

The single currency pair has rallied, after breaking support at 1.44 level recently. These intraday rallies could be sold further. Immediate resistance is at 1.47/1.48 levels, followed by 1.5 and 1.51; while support is at 1.4075 and lower. Since the pair has bounced off the down trend line, there is still high probability that the trend continues and the pair could reach 1.35 or lower levels in the coming days/weeks. It is hence recommended to remain short from yesterday, and also look to add further short positions. Looking lower from here on.

Trading recommendations:

Remain short, add further short positions, stop is above 1.4700, and target is at 1.35.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 14, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6719

R2: 1.6658

R1: 1.6608

Current spot: 1.6551

S1: 1.6479

S2: 1.6456

S3: 1.6399

Technical overview:

We are still looking for black wave iv down to the ideal target at 163.99. Since the top of black wave iii at 1.7109 we have seen a three wave decline to 1.6537, which was wave w and the following rally to 1.6913 was an x-wave and we are now in the second zig-zag lower. Of this second zig-zag we have seen the a-wave and we are currently in the b-wave and the question here is whether this b-wave ends at 1.6599 or we need a little more upside towards 1.6658 and maybe even to 1.6719 before the final c-wave lower to 1.6399 is ready to take over? We think that we would see a little more upside before the final c-wave lower can take over.

Trading recommendation:

We are short EUR from 1.6797 and will move our stop lower to 1.6615. Our take profit + revers is at 1.6450. If you are not short EUR already, then sell near 1.6719 with a stop at 1.6915.

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Elliott Wave analysis of EUR/NZD for June 14, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6719

R2: 1.6658

R1: 1.6608

Current spot: 1.6551

S1: 1.6479

S2: 1.6456

S3: 1.6399

Technical overview:

We are still looking for black wave iv down to the ideal target at 163.99. Since the top of black wave iii at 1.7109 we have seen a three wave decline to 1.6537, which was wave w and the following rally to 1.6913 was an x-wave and we are now in the second zig-zag lower. Of this second zig-zag we have seen the a-wave and we are currently in the b-wave and the question here is whether this b-wave ends at 1.6599 or we need a little more upside towards 1.6658 and maybe even to 1.6719 before the final c-wave lower to 1.6399 is ready to take over? We think that we would see a little more upside before the final c-wave lower can take over.

Trading recommendation:

We are short EUR from 1.6797 and will move our stop lower to 1.6615. Our take profit + revers is at 1.6450. If you are not short EUR already, then sell near 1.6719 with a stop at 1.6915.

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EUR/JPY Elliott Wave analysis for June 14, 2013 Trend News

Today's support and resistance levels:

R3: 128.81

R2: 128.17

R1: 127.42

Current Spot: 126.67

S1: 126.22

S2: 125.50

S3: 124.96

Technical overview:

We are looking for a decline in wave 2 towards the ideal target at 118.73. Since the top of wave 1 at 133.81 we have seen a zigzag correction as wave-w interrupted by an x-wave and ideally we are in wave y down towards at least 123.75, where the ongoing wave y will be equal to wave w. That said we will have to consider an alternative count, in which the x-wave is not over yet. In this alternative count, the rally from 127.62 to 131.31 only was wave a of the x-wave. The decline from 131.31 to 124.95 was wave b of the x-wave and we are just entering wave c of the x-wave for a rally towards 132.51. If this count is to become our top count, we will need a break above 128.17. If however, resistance at 128.17 protects the upside for a break below 126.15 and, more importantly, below 124.96, then we can be sure, that the x-wave did end at 131.31 and wave y is ongoing for a decline towards 123.75 and possibly lower.

Trading recommendation:

We short EUR from 130.75 with a stop at 128.25, but we will also buy EUR here in the expectation of a rally to 132.51. If you do not have a position in this cross, then consider entering a short EUR position if 126.15 breaks with a stop+reversal at 128.25 or entering a long EUR position if 128.17 breaks with a stop at 126.00

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EUR/JPY Elliott Wave analysis for June 14, 2013 Trend News

Today's support and resistance levels:

R3: 128.81

R2: 128.17

R1: 127.42

Current Spot: 126.67

S1: 126.22

S2: 125.50

S3: 124.96

Technical overview:

We are looking for a decline in wave 2 towards the ideal target at 118.73. Since the top of wave 1 at 133.81 we have seen a zigzag correction as wave-w interrupted by an x-wave and ideally we are in wave y down towards at least 123.75, where the ongoing wave y will be equal to wave w. That said we will have to consider an alternative count, in which the x-wave is not over yet. In this alternative count, the rally from 127.62 to 131.31 only was wave a of the x-wave. The decline from 131.31 to 124.95 was wave b of the x-wave and we are just entering wave c of the x-wave for a rally towards 132.51. If this count is to become our top count, we will need a break above 128.17. If however, resistance at 128.17 protects the upside for a break below 126.15 and, more importantly, below 124.96, then we can be sure, that the x-wave did end at 131.31 and wave y is ongoing for a decline towards 123.75 and possibly lower.

Trading recommendation:

We short EUR from 130.75 with a stop at 128.25, but we will also buy EUR here in the expectation of a rally to 132.51. If you do not have a position in this cross, then consider entering a short EUR position if 126.15 breaks with a stop+reversal at 128.25 or entering a long EUR position if 128.17 breaks with a stop at 126.00

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Silver holds 21.20/40 support. Looking higher Trend News

Technical outlook and chart setups:

Silver has been trading sideways off late and has possible retraced to around 0.618 level at 21.20/40, of the recent rally from 20.00 to 23.00 level. It is highly recommended to hold on long positions and initiate further on dips as well. The depicted structure is indicative of a bottom formation at 20.00 level and a rally ahead, towards 25.00/26.00 levels. Immediate resistance is at 23.00 level, followed by 24.50 and higher up while supports are spread through 21.20/40, followed by 20.75 and 20.00 respectively. Looking higher for now.

Trading recommendations:

Hold long positions, stop is at 20.50, and target is at 25.00/26.00.

Good luck!

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Silver holds 21.20/40 support. Looking higher Trend News

Technical outlook and chart setups:

Silver has been trading sideways off late and has possible retraced to around 0.618 level at 21.20/40, of the recent rally from 20.00 to 23.00 level. It is highly recommended to hold on long positions and initiate further on dips as well. The depicted structure is indicative of a bottom formation at 20.00 level and a rally ahead, towards 25.00/26.00 levels. Immediate resistance is at 23.00 level, followed by 24.50 and higher up while supports are spread through 21.20/40, followed by 20.75 and 20.00 respectively. Looking higher for now.

Trading recommendations:

Hold long positions, stop is at 20.50, and target is at 25.00/26.00.

Good luck!

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Gold: Breakout towards 1,425.00 can be expected early next week Trend News

Technical outlook and chart setups:

In seems the metal has formed base at 1,365.00 level and it is bouncing back higher. The entire sideways cone structure has been depicted here, indicating that a bullish breakout is under way and it should get through around June 17th or so, towards 1,425/30 and higher up. Immediate resistance is at 1,420.00, followed by 1,450/60 and 1,488.00, while lined up immediate support is at 1,465.00 and 1,350.00, followed by 1,324.00 on the lower side. A break past 1,410 would enable breakout of the cone structure at least. It is recommended to hold long positions and buy further on dips as well. Looking higher for now.

Trading recommendations:

Hold on to long positions, stop is at 1,349.50, and target is at 1,500.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Gold: Breakout towards 1,425.00 can be expected early next week . Thanks for your support on Gold: Breakout towards 1,425.00 can be expected early next week

GbpChf Breaks 1.44. Initiate short positions (towards the trend now) Trend News

Technical outlook and chart setups:

The single currency pair finally takes out support at 1.44, stopping our longs out. The long-term bearish structure is now represented here and back in focus. As depicted, the down trend line is being followed and the latest bounce has been from 1.48 level. Major resistance is at 1.5 level, followed by 1.51 and higher up. The rally from 1.4 level to 1.4 level could be considered as retracement of earlier down swing (1.5 to 1.4) and a possible extension is on way towards atleast 1.35 levels from here on. Supports are spread through 1.4075, 1.4030 and 1.4 respectively. It is recommended to initiate short positions now, 1.4385 and also sell rallies through 1.4400/50 levels. Looking lower from here on.

Trading recommendations:

Sell now, and rally through 1.44, stop is at 1.4650, and target is at 1.35.

Good luck!

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EurJpy targets 123.00. Initiate/hold short positions Trend News

Technical outlook and chart setups:

The single currency pair has reversed, taking out our stop at 126.00 level. It is recommended to initiate short positions with a target of 123.00 level. Immediate resistance is 129.00, followed by 131.50, 132.00 and higher up. The structure indicates a major retracement on the downside is possible now. Currently trading around 125.00 level the pair is expected to reach 123.00 and lower in coming trading sessions. Trading strategy from here on should be selling rallies towards 127.00/50. This could be a possible Head and Shoulder Reversal and looking for further bearish targets which shall be updated tomorrow. Looking lower now.

Trading recommendations:

Sell now, stop is above 129.00, and target is 123.00 and lower.

Good luck!

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