#USDX Analysis for August 30, 2013 Trend News

The main characteristic in the price action of the Dollar Index is the fact that it is moving upwards in an impulsive wave formation rather than a corrective one. This confirms our view that it is very possible to witness a trend reversal and that the upward move will continue higher to challenge the med-term trend. Prices as shown in the daily chart below have clearly broken out the downward trend and are above the resistance trendlines.

Prices did not retrace more than the 100% of the upward move from 80.50 to 84.75 and are now starting to unfold a higher highs and higher lows sequence that confirms bullish trend even in the daily chart. Resistance trendlines have been broken and there are a lot of good chances that this upward move will continue higher.

Currently, the Dollar Index is trading sideways and in overlapping corrective pattern. We expect that prices could be heading towards the 38% retracement, where they will find support. Breaking above the red downward sloping trendline resistance will confirm that a new smaller degree upward move is starting at 82.45-60 as a target. Concluding, we remain bullish after our buy signal at 81.65 was broken. The upward move is unfolding into a 5 wave move that implies more upside potential for the Dollar Index.

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Gold Elliott wave analysis for August 30, 2013 Trend News

Gold turned lower yesterday confirming our view that it is time for a correction towards 1,370. This is the first major support and we could see a pause of the decline at that price level. Gold has topped the mark of 1,430 and as we mentioned a pull back was imminent. Our first sell signal was given once and 1,412 was broken and the second level of 1,400 failed as support. Now, we are targeting the 38% retracement from 1,270 at 1,370.

The longer-term outlook is bearish for Gold. If the upward blue sloping trendline at 1,330 is broken, then we could expect 1,270 to be tested and see even lower prices. Currently, it is very possible that we are in a downward correction towards 1,350-70.

The 1-hour chart shows a breakdown in prices as support at 1,400 is broken. The short-term support is found at 1,390-1,380. The short-term resistance is found at 1,410-25. We believe that downward pressures will continue and push Gold prices below 1,370 eventually. We remain short with 1,430 as stop and the first target at 1,370.

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USD/CAD H1 analysis for August 30, 2013 Trend News

General overview for 30/08/2013 08:00 CET

The price is still in a range between technical support and the round number level of 1.0500 and the recent high at 1.0567.

This kind of overlaping price action indicates that the possible upside leg is not finished and the price is currecntly in corrective consolidation cycle of wave 4 that will eventually turn into a new high.

The structure currently developing is wave 4 of the triangle and there is one small descending wave (e) missing to complete the pattern before final wave 5 will happen.

From technical point of view a bullish flag pattern is possible and a break above 1.0567 will confirm this scenario. A test of bullish flag trendline is very possible before a reversal happens.

Target for the wave 5 is min. 1.0608.

Support/Resistance:

1.0567 - Swing High

1.0551 - 1.0558 - Intraday Supply Zone

1.0537 - Intraday Resistance

1.0508 - Technical Support

1.0475 - Weekly Pivot

1.0469 - Technical Support

Trading recommendations:

Buying the wave (e) possible levels of retracements with SL below 1.0469 and TP at 1.0608 is the way to trade this pair now.

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Elliott wave analysis of EUR/NZD for August 30, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7144

R2: 1.7095

R1: 1.7066

Current Spot: 1.7033

S1: 1.7005

S2: 1.6968

S3: 1.7005

Technical summary:

With a break below 1.6996 we knew that wave ii had not finished yet and that it was expanded flat correction (the top of wave b ended higher than the top of wave a and the bottom of wave c was lower than the low of wave a). An impulsive rally that follows expanded flat correction will be an extended wave, so once wave ii is finished we should expect a very powerful ascending wave iii. In the short term, we are looking for a decline towards 1.6989 and, maybe, even lower - towards 1.6912 as long as resistance at 1.7066 and more importantly resistance at 1.7095 protects the upside. However, a break above 1.7095 indicates that wave c of the expanded flat correction is in place and wave iii has taken over for a rally, at least, to 1.7166 and more likely higher towards 1.7274.

Trading recommendation:

Our stop at 1.6985 was hit. Look for a new EUR-buying opportunity near 1.6912 or after a break above 1.7066 (one done order cancels another).

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#USDX analysis for August 29, 2013 Trend News

The Dollar Index has broken above the short-term resistance at 81.55-65 and is now testing 82. Prices have moved upwards in an impulsive pattern after correcting 61,8% of the initial rise from 80.76 to 81.71. It is breaking above these highs and our bullish target is now at 82.70. The signs are bullish and a longer-term trend reversal is expected to be confirmed.

The extended target for this upward move is near 83, but until then we will remain cautiously bullish with our stop at 81.20. We believe that the trend is changing to an ascenedant one and it can be clearly seen if you look at the daily chart below, where prices have broken upwards and above the downward sloping trendline.

Resistance is now found at 82 and 82.45. Breaking above 82.50 will bring more buyers and could accelerate prices towards 83. We are confident that the trend has changed and that we will not see for some time a break below 81 again for the Dollar Index. The longer-tem target is a new high above 85, but this will be confirmed as long as the upward momentum has power and the price patterns look impulsive (5 wave moves).

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Gold Elliott wave analysis for August 29, 2013 Trend News

Gold has turned down as it was expected by our analysis yesterday from 1,433 to 1,405. We mentioned before that bulls have more to lose at these price levels than bears. The upward move from 1,270 seems complete and we expect, at least, a pullback towards the 38% Fibonacci retracement at the 1,370 price area.

The price broken out below the upward sloping channel and we expect this weakness to continue towards the important support of 1,380-70. For the short term, the price broken our first support at 1,415-12 and are now testing the next support at 1,400. We believe that a downward move starts now and bears should use the highs as stop.

As we mentioned above, the price broken the short term support and are heading downwards. The trend is downward, at least, for the short term and we believe that the tension in US markets will ease and this will bring some sellers for profit taking in GOLD. The downward sloping red trendline is the short-term resistance for Gold, but bears should use the highs around 1,380-70 as a stop and a target. We are bearish and we think it is time for correction.

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Elliott wave analysis of EUR/JPY for August 29, 2013 Trend News

Today's Support and Resistance Levels:

R3: 131.37

R2: 131.04

R1: 130.56

Current Spot: 130.12

S1. 129.88

S2: 129.65

S3: 129.24

Technical Summary:

We saw a break above resistance at 130.50, but the lack of a follow-through rally could indicate that we need one last decline to just below 129.65 before the e wave of the triangle is finally over. No matter if we need one last decline or we are going to see a direct break above resistance at 130.56 (yesterday's high). We should see a new impulsive rally soon and a break above the triangle resistance-line near 132.20 for a continuation towards 139.21 as the first major upside target. However, in the longer term we are looking for much higher levels closer to 170.00.

Trading recommendation:

Stay long in EURJPY from 130.25 with a stop at 127.85. If you are not long yet, then buy after a break above 130.56 with the same stop at 127.85.

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Silver begins retracement. 21.00/22.00 levels interesting now Trend News

Technical outlook and chart setups:

Il looks that the metal is initiating a possible retracement as well as Gold. The levels of interest are 22.00/21.00 as depicted in the chart. It is recommended to initiate short positions on a small pullback towards the 24.70/80 levels with a risk around 26.00 to take advantage of the counter-trend being in play now. Immediate resistance is at the 25.10/20 area and it should remain till the counter-trend plays out. Support is at 22.00/50, followed by 19.50 and lower. The possible levels, where retracement should end are between 21.00 and 22.00, which are also near the past resistance turning support now. Looking lower temporary, then long again.

Trading recommendations:

Initiate short positions around 24.70/80, stop is at 26.00, target is open.

Good luck!

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Gold begins retracement. The 1,330/40 levels are of interest now Trend News

Technical outlook and chart setups:

The metal seems to have begun retracement now. Resistance seems fixed at the 1,430/32 levels, which should remain utill the counter-trend is in place. It is recommended to initiate sell positions around 1,420.00 with risk above 1440.00 to take advantage of the counter-trend. The chart setups are playing out a retracement towards the projected fibonacci levels in the chart. The most prominent being between 1,340/45, which appeared after resistance turned support. Furthermore, the rising trendline extended from the 1,180.00 levels is also passing through the 1,330.00 levels at the moment, which would coincide around 1,340/50 in a few days. Looking lower for a counter-trend, but Gold is setting up for an extended rally later.

Trading recommendations:

Initiate short positions around 1,420.00, set stop at 1,440.00, target is at 1,350.00

Good luck!

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EURJPY rally to quicken pace. Remain long Trend News

Technical outlook and chart setups:

The currency pair has ticked up from the support of the short-term falling trendline as depicted here. Short-term resistance shall be faced around these levels but a push through the 131.00 levels would confirm reversal towards fresh highs. Initial support is at 129.00, followed by 128.00 and 125.00, while resistance is at 132.50 and 133.80/134.00, respectively. Furthermore, the currency has bounced off the fibonacci 0.618 support of the entire rally from 128.00 to 133.25. It is recommended to hold long positions and also initiate fresh longs. Looking higher from here.

Trading recommendations:

Remain long, place stop below 129.00, target is open.

Good luck!

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GBPCHF Bouncing off support around 1.42/43 Trend News

Technical outlook and chart setups:

The currency pair bounced off the expected support area between the 1.42/1.43 levels as it was discussed yesterday. The probability of bullish reversal may be unfolding at the moment that could drag prices higher upto 1.49 levels atleast. Hence it is recommended to initiate long positions now, with a risk below 1.4200. Swing resistance is at 1.48, followed by the major resistance at the 1.5 levels, while support is fixed at the 1.4 levels now. A push through the falling trendline at 1.4400 would instill further confidence in a bullish reversal.

Trading recommendations:

Initiate long positions now (1.4330), set stop below 1.42, target is open.

Good luck!

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Gold Elliott wave analysis for August 28, 2013 Trend News

Gold continues to make higher highs and higher lows. The support levels are being tested but only the resistance ones are broken. This is indicative that the upward trend dominates. The price reached our upper target levels near 1,430. The trend remains upward, but we feel that bulls should be very cautious. Raising their stops will protect their long positions. Exiting is also considered if you believe the top is in.

As it is shown above, the trend remains upward as the price continues to trade within the upward sloping channel. If the price breaks out and goes below this channel, then we will see confirmation that the entire move from1,270 is over. If the price breaks below the blue trendline support at 1,405, then we should expect Gold prices to move towards 1,360-70.

The short-term support, as shown above, lies at 1,412. If that level is broken, then we will expect the price to test the intermediate-term support at 1,400-1,405. The top is near so bulls are advised to raise their stops to 1,412 or exit now at 1,426.

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Silver reached 25.00. Remain flat now. Trend News

Technical outlook and chart setups:

Similar to Gold, the white metal has also exceeded expectations and gone up to 25.00 now, taking out the major resistance as depicted in Daily chart. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested), and remain flat for now. Most probably, a pullback should materialize soon towards 21.00 from here. Please, note that the area around 21.00 is re-enforced by the past resistance turned support. Also, the wave structure suggests that the metal may reverse to the long term now. A pullback towards 21.00 and a bullish bounce would confirm it.

Trading recommendations:

Book profits on long positions if you have any. Flat for now.

Good luck!

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EURJPY looking to form a base ahead of 129.00 levels. Remain long Trend News

Technical outlook and chart setups:

The currency pair is moving in a triangle as it is depicted in the daily chart. It looks like the pair is bottoming around 129.50/130.00 for now. Furthermore, this is also fibonacci 0.618 support level. A bullish bounce should be encouraging long positions further and pushing the price higher towards a breakout. Hence, it is recommended to remain long for now with risk below 129.00. Immediate support is 129.00, though stronger support is at 128.00, followed by 125.00 and lower levels. Resistance is seen at 132.00/50 and 133.80. We are looking for higher movement from here.

Trading recommendations:

Remain long for now. Set stop below 129.00, target is open.

Good luck!

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GBPCHF at support around 1.42. Exit short positions Trend News

Technical outlook and chart setups:

The currency pair is trading at the lower end close to the 1.42 levels for now. It is recommended to book profits on short positions taken earlier between the 1.44/1.45 levels. Two scenarios seem to be possible for now and, hence, staying flat is recommended. Looking into the overall trend structure, we can say it is bearish, the pair could continue dropping lower below the 1.4 levels or a rally could materialize from the 1.42 levels that could extend above 1.48. The probabilities should get clear in 1-2 trading sessions. Resistance is at 1.48 for now, followed by 1.5, while support is at 1.4030 and below the 1.4 levels, respectively.

Trading recommendations:

Book profits on short positions. Flat for now.

Good luck!

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USD/CAD H1 analysis for August 28, 2013 Trend News

General overview for 28/08/2013 07:30 CET

The last leg of corrective wave 4 green needs one small downward sub-wave to be completed.

The intraday resistance level of 1.0498 should hold and the price should decline to 38%Fibo level of 1.0461.

In case the 38%Fibo is broken, next support is 50%Fibo level of 1.0429.

Please notice that there is nothing wrong with the correction to retrace even to 61%Fibo level of 1.0396 and then to bounce and reverse.

Only a break of the 1.0368 level invalidates the impulsive green bullish count.

Support/Resistance:

1.0567 - Swing High

1.0501 - 23%Fibo

1.0490 - 1.0498 Technical Resistance | Intraday Supply |

1.0475 - Weekly Pivot

1.0469 - Technical Support

1.0461 - 38%Fibo

1.0429 - 50%Fibo

1.0396 - 61%Fibo

1.0368 - Invalidation Line

Trading recommendations:

For intraday scalping, place short positions in the range of the 1.0490 - 1.0498 levels with SL just above it and a potential TP at 1.0461 or below at one of the mentioned Fibo levels.

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Elliott wave analysis of EUR/NZD for August 28, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7341

R2: 1.7274

R1: 1.7218

Current Spot: 1.7182

S1: 1.7143

S2: 1.7081

S3: 1.7042

Technical summary:

Wave ii only corrected 23.6% of wave i. This is what we would call a sub-normal correction for wave ii. It indicates lots of underlying strength on this pair. With wave ii in place already, we will be looking for higher wave iii, at least, towards 1.7859 and, more likely, wave iii will extend higher towards 1.8397. As wave iii is the most likely candidate to extend, this is the wave we will like to participate in for sure. With the very small wave ii we now know, that we can expect a deep and time consuming wave iv, but we will concentrate on that, when the time comes. For now, it is time for the powerful wave iii. A break above 1.7274 confirms next part of wave iii is under way.

Trading recommendation:

Buy EUR at 1.7185 with a stop at 1.6985. After a break above 1.7274 raise your stop to 1.7105. If you are more conservative, wait for a break above 1.7274 and place your stop at 1.7105.

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#USDX analysis for August 27, 2013 Trend News

The Dollar Index continued to trade below the resistance trendline yesterday. The short-term resistance is found at 81.55-65-75. The short-term support is found at 81.25-05. The trend is neutral and the decline from the recent highs at 81.76 looks corrective as the price action is overlapping.

Today, the price has made a short spike above the resistance level and we believe that it is very possible that a breakout is starting and that the uptrend is resuming. More signs of strength should be given by the Index. The price should make a clear break above the 81.75 resistance level in order to give the signal of serious strength. We are cautiously bullish expecting the trend to reverse upwards.

In the daily chart we observe that today's candlestick is breaking above the trendline, but we also need a daily candle that will break above the previous highs at 81.76. The slope of the MA is negative and this is not a good sign for the longer-term trend. However, these indicators are lagging, so we might need to give them more time. Breaking above these two MA will also be a good bullish sign and evidence that the trend is reversing.

Concluding, we are cautiously bullish and want to see more evidence that bulls are back. The resistance level of 81.76 must be clearly broken in order to make our view to 100% bullish. Until then we remain mostly neutral.

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Gold Elliott wave analysis for August 27, 2013 Trend News

Gold has managed to regain to 1,400.00 and is now heading towards the top of the resistance area at 1,425.00. The price continues to make higher highs and higher lows, therefore, the trend remains bullish. We noted that this price area that we are close now is a very important resistance area. 1,410-25.00 is resistance where we can see, at least, a short-term top on Gold. The price is heading straight towards our target and if the price manages to go above 1,395.00, we will be confident of reaching our goal.

The short-term support is found at 1,395.00 and 1,388.00. We remain bullish with those levels setting a stop and 1,425.00 as the first target. The trend remains upward, but we fear that we might be in the final stages of the rise from 1,270.00.

In the daily chart you can see that the price trades, curently, within the important resistance area and we believe that a pull back towards 1,350-60.00 may be justified now. We don't open short positions unless the short-term support levels are broken. Concluding, the trend remains bullish, but it is time for a pull back. Breaking below 1,395-88.00 will signal us that the top is reached and the correction is starting. The first target of the correction is 1,360-50.00.

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Gold Elliott wave analysis for August 27, 2013 Trend News

Gold has managed to regain to 1,400.00 and is now heading towards the top of the resistance area at 1,425.00. The price continues to make higher highs and higher lows, therefore, the trend remains bullish. We noted that this price area that we are close now is a very important resistance area. 1,410-25.00 is resistance where we can see, at least, a short-term top on Gold. The price is heading straight towards our target and if the price manages to go above 1,395.00, we will be confident of reaching our goal.

The short-term support is found at 1,395.00 and 1,388.00. We remain bullish with those levels setting a stop and 1,425.00 as the first target. The trend remains upward, but we fear that we might be in the final stages of the rise from 1,270.00.

In the daily chart you can see that the price trades, curently, within the important resistance area and we believe that a pull back towards 1,350-60.00 may be justified now. We don't open short positions unless the short-term support levels are broken. Concluding, the trend remains bullish, but it is time for a pull back. Breaking below 1,395-88.00 will signal us that the top is reached and the correction is starting. The first target of the correction is 1,360-50.00.

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EUR/JPY H1 analysis for August 27, 2013 Trend News

General overview for 27/08/2013 09:45

The pair has developed a downside wave as it was indicated yesteday. Currently, trading is going on in the grey rectangle zone, which is crucial for further wave development.

A break of the lower level of Supply Breakthrough Zone at 130.83 will make a test of the golden channel line possible. The 161%Fibo Extension and WS1 may provide some support for the price but the overall picture will be determined when the price gets there.

A break out of the 130.28 level and closing H1 below it will testify the bearish mood and open the way to the lower demand area at 129.26 - 129.41.

On the other hand, only a break of technical resistance at 131.24 will invalidate the view.

Support/Resistance:

132.41 - Swing High

131.87 - Key level

131.57 - 131.62 - Intraday Supply

131.42 - Weekly Pivot

131.24 - Technical Resistance

130.83 - 131.03 - Supply Breakthrough Zone

130.45 - WS1 | Golden TL Support |

130.28 - Technical Support

Trading recommendations:

For those of you who have short positions opened from the 131.87 level it is worth to notice that the golden trendline support level of 130.45 will be a good place to close the deals.

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EUR/JPY H1 analysis for August 27, 2013 Trend News

General overview for 27/08/2013 09:45

The pair has developed a downside wave as it was indicated yesteday. Currently, trading is going on in the grey rectangle zone, which is crucial for further wave development.

A break of the lower level of Supply Breakthrough Zone at 130.83 will make a test of the golden channel line possible. The 161%Fibo Extension and WS1 may provide some support for the price but the overall picture will be determined when the price gets there.

A break out of the 130.28 level and closing H1 below it will testify the bearish mood and open the way to the lower demand area at 129.26 - 129.41.

On the other hand, only a break of technical resistance at 131.24 will invalidate the view.

Support/Resistance:

132.41 - Swing High

131.87 - Key level

131.57 - 131.62 - Intraday Supply

131.42 - Weekly Pivot

131.24 - Technical Resistance

130.83 - 131.03 - Supply Breakthrough Zone

130.45 - WS1 | Golden TL Support |

130.28 - Technical Support

Trading recommendations:

For those of you who have short positions opened from the 131.87 level it is worth to notice that the golden trendline support level of 130.45 will be a good place to close the deals.

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Elliott wave analysis of EUR/NZD for August 27, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7182

R2: 1.7143

R1: 1.7110

Current Spot: 1.7082

S1: 1.7042

S2: 1.6989

S3: 1.6936

Technical summary:

We have seen wave i from 1.6325 to 1.7197 of a new major impulsive rally. Currently, we are in wave ii correction, which ideally will correct 38.2% of wave i. That will call for a decline towards 1.6864. The reason why we are only looking for the minimum correction is a pace wave i is developing at. However, it should be noted that the second waves are allowed to correct 100% of the first wave, but they can never break the starting point of wave one. Once this wave ii correction is over we are looking for a new very powerful rally, at least, towards 1.7775, but it is more likely to extend towards 1.8314. As of now, we will stay focused on the possible termination of wave ii.

Trading recommendation:

Stay short on EUR from 1.7100 with a stop at 1.7185. Take profit + reverse the short position to a long position at 1.6875.

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Silver: resistance at 24.80/25.00 Trend News

Technical outlook and chart setups:

Exiting short positions last week proved fruitful. Silver could be yet poised to challenge next resistance at 24.80/25.00 levels as depicted here in the daily chart. Immediate support is the 22.20/30 area, while higher resistance is 28.00. For the time, bulls are targeting 25.00 levels, before a strong pullback takes place. If long positions had been taken earlier, they can be held by moving stop to breakeven levels. Fresh long positions should be avoided for now. The overall wave structure could unfold an inverted "head-and-shoulder" after the 25.00 level is reached. Watch out for any dips after that for initiating fresh long positions.

Trading recommendations:

Flat for now.

Good luck!

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Gold rallies to 1,400.00. Bulls eyeing 1,420/25.00 before pulling back Trend News

Technical outlook and chart setups:

The metal moved above 1,400.00 last week, as it had been expected. Though it was an aggressive trade setup, there might be some steam left for bulls to rally further towards 1,425.00 before a significant retracement takes place. If long positions were initiated last week, they can be held for a final thrust towards 1,420.00. Fresh long positions should be avoided at current levels. Immediate resistance is 1,420/25.00 while support is at the 1,350/70.00 levels. Looking into the entire wave structure, if 1,420/25.00 is reached, it would indicate a major break through for bulls and the trading strategy would turn to buying on dips for a long-term rally.

Trading recommendations:

Flat for now.

Good luck!

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Gold Elliott wave analysis for August 26, 2013 Trend News

We were long on Gold from the 1,370.00 as support was held. The price formed a bullish pattern that was confirmed when 1,375.00 was broken upwards. Our first target of 1,390.00 was reached last Friday and the price continued to move higher towards 1,405.00, which was the second important resistance. The trend remains upward. The price is pulling back correctively and we expect another upleg towards 1,410-20.00 to be seen soon.

In case the bullish trend continues and pushes the prices higher, support is at 1,375-65.00 and should hold the price. We will have the first bearish signal when the price falls below the first short-term support level of 1,380.00. On the other hand, the bulls will hope for a break above 1,400.00 as it will signal that the short-term uptrend is resuming and the price will test the 1,410.00 level.

Resistance is important in the price range of 1,400-1,422.00. This is a critical price range that could cause the longer-term trend. It is very possible that if 1,370.00 is broken we will see a pullback towards 1,300-1,310.00. The bulls need to be very cautious as the upside potential is weak and the possibility of stronger correction is rising. Stop for bulls is at 1,380.00. If the price moves back up from 1,400.00 then 1,410-20.00 is sell target.

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EURJPY gaining for now. Remain long. Trend News

Technical outlook and chart setups:

In 4H chart it is depicted that the pair has formed another rising channel and is heading towards 133.00 and higher for now. The resistance level of 132.00 has been broken through and the bulls are now targeting 132.50/60 and 133.00, but after a pullback/retracement. Support levels are 129.20/30, followed by 128.00 and 125.00, respectively. It is still recommended to hold long positions for higher targets above 133.00 at least. Furthermore, intraday dips could also be with stop at 129.00. JPY crosses seem to be heading towards fresh highs in the coming trading sessions.

Trading recommendations:

Remain long, move stop from 128.00 to 129.00, target is open.

Good luck!

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GBPCHF pullsback from 1.4300. At Resistance levels now. Remain short Trend News

Technical outlook and chart setups:

The currency pair has bounced off the fibonacci resistance levels near 1.45/1.46 earlier while it was recommended to initiate short positions. A temporary base has formed at 1.4300/20 levels on smaller timeframes, and the trading strategy, which is selling, rallies. Hold short positions opened earlier. As it is depicted here, initial resistance is at 1.4800, followed by 1.5, while support is at 1.4 levels from here and further. Looking into the daily structure, GBPCHF's direction remains bearish and it rallies till the time the prices remains, at least, below 1.48. Furthermore, confirming trend reversal cannot take place till 1.5, which remains intact. Looking lower for now.

Trading recommendations:

Remain short, set stop above 1.47, target is open.

Good luck!

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

Today's Support and Resistance levels:

R3: 1.7238

R2: 1.7182

R1: 1.7134

Current Spot: 1.7109

S1: 1.7066

S2: 1.7006

S3: 1.6935

Technical summary:

We most likely saw the top of wave i on Friday with the test of 1.7197 and we should now expect the wave ii correction, at least, towards 1.6864, where wave ii will have corrected 38.2% of wave i. This is also where we saw wave four of one lessor degree and that is a very common target for second waves. That said it should be remembered, that second waves are allowed to correct all of the first wave, but it can never go beyond the start of wave one, which in this case would be at 1.6325. However, taking into consideration how powerful this wave i has been we should not expect to much of wave ii. Longer term we are looking for much higher levels in this cross with 181.33 being the next major long term target.

Trading recommendation:

Stay short from 1.7100 with a stop at 1.7185. Take profit + position reverse to a long EUR position at 1.6905.

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Elliott wave analysis of EUR/JPY for August 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.81

R2: 132.74

R1: 132.31

Current Spot: 132.07

S1: 131.68

S2: 131.22

S3: 130.85

Technical summary:

Wave d of the triangle is now in place and we will be looking for the last decline as wave e. It is expected the e-wave normally relates to the d-wave with some Fibonacci relationship, but e-waves can be any of the corrective patterns we know, even triangles. However, once this e-wave of the triangle is in place, we should be looking for a new powerful rally higher towards 139.21 and, in the longer term, we are looking for a rally towards 170.00. That said for now we should concentrate on the e-wave, which ideally will decline to 130.18 and maybe deeper towards 129.65 before the next rally higher.

Trading recommendation:

Look to buy EUR at 130.25 or upon a break above 132.74 (top of wave c). One order done cancels the other.

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#USDX Analysis for August 23, 2013 Trend News

The Dollar strength was yesterday's main characteristic as prices after breaking above the 81.25-35 resistance moved towards our first target of 81.70-80. Prices now find themselves challenging the important resistance at the 82 price level. Breaking above this resistance will decide if the intermediat term trend will change to up or remain down.

The price will need to break out and above the sideways huge triangle that is being formed as shown in the hourly chart above. Prices need to break above 82 in order for the longer term trend to change to up. The price pattern still remains bearish as the sequence of lower lows and lower highs remains. This will change if prices break the 82 resistance.

In the daily chart we can very easily recognise the downward trend that puts pressure to prices. The downward sloping trend line places resistance at the 82 price level. Concluding, the price will need to break above 82 in order for trend to change. Despite the recent strong bounce from 80.75 to 81.72, the Dollar index could fall to new lows if prices get rejected at the trend line once again. As long as we stay below the trend line we are bearish or neutral. Breaking above will make us bullish biased.

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Gold Elliott wave analysis for August 23, 2013 Trend News

Gold has continued to rise upwards steadily towards 1,380 in order to test the resistance and previous high at 1,382. Since it has reached thus far, we believe it is only a matter of time that prices will break to new highs and may even reach the 1,400 price level. We were bullish from yesterday at the 1,370 level and prices are currently trading at 1,375. The price formation looks impulsive and the higher highs and higher lows confirms that trend is up.

Support is now found at 1,370 and 1,362. Resistance is found at 1,384 and 1,392. Trend is up and our view remains bullish as long as support holds. Prices are bearly trading within the upward sloping channel retaing the upward momentum. We believe a final upward break towards 1,400 will come soon and there are also some wave relationships that may justify an even bigger rise.

If the longer-term resistance at 1,400-1,410 is broke, prices could move towards 1,450 and even 1,550. But until then we have to pay close attention to the current price formation and the support levels at 1,360-70. If these levels are broken we can see prices fall towards 1,310. Concluding we are short term bullish as long as prices hold 1,362 and target 1,390-1,400.

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Elliott wave analysis of EUR/JPY for August 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.81 (top on May 22)

R2: 132.74 (top of wave c of the triangle)

R1: 132.34

Current Spot: 132.14

S1: 131.92

S2: 131.52

S1: 131.05

Technical summary:

We have seen the expected rally towards the triangle resistance-line near 132.00 and we will now be looking for the final e-wave of the triangle. This e-wave could fall all the way towards the the triangle support-line near 129.00, but it is more likely to end early, which would likely mean a termination of wave e close to 129.60. Once wave e is in place we should be looking for a new impulsive rally higher towards 140.98 as the next major upside target, but longer term we are looking for much higher levels closer to 170.00

Trading recommendation:

Look to buy EUR at 130.10 or upon a break above 132.74 (buy at 132.85). Place your stop at 127.90 expecting to be able to rais it soon after your entry.

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Silver attempting to push higher. Flat for now. Trend News

Technical outlook and chart setups:

Silver is looking to push higher up towards the next resistance level at 24.80/25.00. It is recommended to exit short positions for now and remain flat. A major reversal structure could be unfolding at the moment and a push through 24.80 would confirm the same. The metal would turn to buy on dips from there on. Int support is 22.25 and below that is 19.00; while resistance is 25.00. On the flip side, a failure to break the recent swing highs at 23.60 would again bring back bears into action and we shall consider initiating short positions again.

Trading recommendations:

Flat for now.

Good luck!

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Gold resistance seen at 1,425.00. Exit short positions. Remain flat Trend News

Technical outlook and trading setups:

The metal is trading in a tight range for now. It is recommended to exit short positions and remain flat. It is possible that Gold pushes higher up towards next resistance ahead at 1,425.00 region before a meaningful correction takes place. Currently trading at the 1,370/71.00 levels, the metal faces immediate support at the 1,348/50.00 region which was marked as past resistance turned support now. A push above 1,385.00 would ascertain that 1,425.00 is on cards. Aggressive traders can turn long now with a higher up target at 1,420/25.00. Conservative approach would be to remain flat and commit after 1,425.00 is reached. As noted here, the rising trend line support is at 1,320/25.00 levels which is a good entry level to buy.

Trading recommendations:

Flat for now.

Good luck!

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EURJPY rallies as expected. Stay long Trend News

Technical outlook and chart setups:

The currency pair rallied as expected above 131.00 levels on the backdrop of the FOMC minutes out last night. It is recommended to remain long for now since and also buy further on intraday dips. Resistance is placed at 132.00/50 and 133.80/134.00; while intermediary support is at 128.00, followed by 125.00 and 119.00 respectively. The overall structure is that of a rising wedge and hence a break higher should be expected from here on. Also please note that the single currency pair has bounced off the 0.618 fibonacci support at 128.00 of the recent upswing from 125.00 to 132.00/50. Looking higher from here on.

Trading recommendations:

Remain long, set stop at 128.00 (would revise soon), target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for August 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 171.53

R2: 171.00

R1: 170.74

Current spot: 170.47

S1: 170.00

S2: 1.6967

S3: 1.6934

Technical summary:

We are still looking for a top of wave i near 171.00 and should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let's focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.

Trading recommendation:

We continue to stay neutral and wait for a wave to develop. We recommend placeing a EUR-buy order at 1.6810.

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Elliott wave analysis of EUR/NZD for August 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 171.53

R2: 171.00

R1: 170.74

Current spot: 170.47

S1: 170.00

S2: 1.6967

S3: 1.6934

Technical summary:

We are still looking for a top of wave i near 171.00 and should be ready for the first sizable set-back since this rally took of from 1.6325. The ideal target for this wave ii correction of wave i will be at the 38.2% retracement target at 1.6804. That said, we must remember that the corrections during wave i has been sub-normal and therefore we will have to monitor the coming wave ii closely, but for now let's focus on getting the top of wave i in place near 1.7100 and then where we can expect wave ii to end.

Trading recommendation:

We continue to stay neutral and wait for a wave to develop. We recommend placeing a EUR-buy order at 1.6810.

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Elliott wave analysis of EUR/JPY for August 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 131.56

R2: 131.20

R1: 131.03

Current spot: 130.88

S1: 130.63

S2: 130.21

S3: 129.90

Technical summary:

Well once again we saw a break above resistance at 131.01, more and more evidence is pointing towards the triangle as the preferred count. That means we should see a continuation higher towards strong resistance near 132.00 to end wave d and then one last decline towards 129.98 and maybe even down to 129.50 before wave e of the triangle is in place. However, once wave e of the triangle is done, we can expect a new very powerful rally higher towards 170.00, but for now we have to concentrate on getting this triangle finished.

Trading recommendation:

Place a EUR buy order at 130.10 and one at 132.85 (just above the top of wave c). One order done cancels the other.

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