Elliott wave analysis of EUR/NZD for November 1, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6515

R2: 1.6487

R1: 1.6461

Current Spot: 1.6433

S1: 1.6390

S2: 1.6356

S1: 1.6312

Technical summary:

Support at 1.6469 was broken without troubles, and we are now close to our next target near 1.6390. We could still see a slightly deeper decline towards 1.6312 as long as resistance at 1.6485 protects the upside, before this wave ii is over and a new powerful rally higher towards 1.7424 is expected as wave iii is developing. In the longer term we are still looking for much higher levels once this new impulsive rally really gets strong development. It should also be remembered that wave 3 is the wave we really want to be exposed as this normally is the longest wave.

Trading recommendation:

Take profit on your short EUR-positions from 1.6610 here at 1.6433 for a profit. Place a new buy order at 1.6325 or upon a break above 1.6485.

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Elliott wave analysis of EUR/JPY for November 1, 2013 Trend News

Today's Support and Resistance levels:

R3: 134.22

R2: 134.05

R1: 133.83

Current Spot: 133.57

S1: 133.45

S2: 133.01

S3: 132.61

Technical summary:

Our new preferred count has worked out perfectly and red wave c of b is developing now. With the decline below 133.60, red wave c could end any time now. However, we are looking for minor resistance at 133.83 to protect the upside for one last decline towards 133.01, before red wave c of b is finally in place, and the c wave of wave v will take over for a rally towards 137.69 and maximum 138.39.

Only a direct break above 134.20 indicates that red wave c already has finished and the final wave c of v is developing already.

Trading recommendation:

We recommend to book your profit on the short positions from 134.70 here at 133.57 for a nice profit. Place a new EUR buy order at 133.20 or upon a break above 134.20.

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#USDX analysis for October 31, 2013 Trend News

The Dollar index continues to move higher inside our upward sloping channel. Our short-term view was bullish from two days ago, and we continue to get confirmation of short-term uptrend as pries make short-term higher highs and higher lows breaking above short-term resistance levels.

Prices have reached the 50% Fibonacci retracement level and the upper boundaries of the upward sloping trend channel. We might see a pause in the upward move today, but still there is no signal that this upward bounce has ended. A sell signal will come if prices break below the critical support area noted in the chart above near 79.55.

The longer-term trend is bearish still, but we see the index that now tries to challenge the downward sloping trend lines as shown in the chart above. Important intermediate and long-term resistance levels are found at 80 and 80.60 and for longer-term trend to change to up, these resistance levels must be broken upwards. Short-term trend is upward and is challenging the intermediate term trend.

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Gold Elliott wave analysis for October 31, 2013 Trend News

Gold did not manage to break above its previous high and made a double top and reversal confirming our bearish view. Prices initially broke below the 1,353 pivot support and then failed to hold the support levels at 1,346 and 1,338.

Prices are heading towards the 1,318 price level, where the 38% Fibonacci retracement is. Prices are making lower lows and lower highs confirming bearish trend. We remain bearish with the 1,318 first target. Below that, I see 1,300-1,290.

Gold is forming the right hand shoulder in the daily chart. Prices are going to test the MA support at 1,318-20. Important support level for bulls in the daily chart is the 1,250-60 area. If this support is broken, expect prices to move towards 1,140. For now, we remain bearish with 1,360 as a stop.

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USD/CAD H1 analysis for October 31, 2013 Trend News

General overview for 31/10/2013 09:00 CET

Although it looks like wave 5 of wave A green has been done and the target level I had mentioned yesterday has been hit, there is still a possibility of an Ending Diagonal wave 5 navy.

This scenario for wave A green termiantion is in play as long as the low of wave alt:(ii) is not taken out: 1.0440.

If this low is broken to the downside, the alternate count is invalidated and the market is giving traders the first clue that top for wave A green might be in place.

The Key Level here is at 1.0428 Technical Support. Only if this level is taken out the downside is more probable than upside.

Support/Resistance:

1.0496 - Swing High

1.0470 - Intraday Resistance

1.0455 - Golden Channel Trend Line Support

1.0440 - Key Level

1.0428 - Techncial Support

1.0405 - Weekly Pivot

Trading recommendations:

Short positions should be in play from current levels with SL above 1.0497 and TP1 at 1.0440 and TP2 at 1.0427

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EUR/JPY H1 analysis for October 31, 2013 Trend News

General overview for 31/10/2013 08:40 CET

The corrective wave 2 OR (b) has been finished with (w)(x)(y) complex corrective Double Three pattern at 134.40.

Currently, the pair is in the first stages of impulsive decline that might reach the level of 133.68 - 133.58.

Sub-wave (iv) has resistance so far at 134.80, but it can move a little bit higher to the 135.00 level, before reversing to the downside again. It would make another H&S pattern again, little bigger that the last one.

The breakout to the downside from the uprising golden channel is needed to confirm further weakness. Please notice the Weekly Pivot level and lower channel line are providing support now.

The real key level to the downside here is 134.25 Technical Support level. If the price will break below this level, then a test of 133.58 is in view.

Support/Resistance:

135.50 - Swing High

134.74 - 38%Fibo

134.60 - Weekly Pivot

134.51- 50%Fibo

134.30 - 134.25 - 61%Fibo | Technical Support |

133.99 - 133.88 - 78%Fibo | Technical Support |

133.68 - 133.59 - WS1 | Techncial Support |

Trading recommendations:

Short positions should be in play if channel trend line is broken below Weekly Pivot with TP1 at 134.25 and TP2 at 133.88. Tight SL.

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Elliott wave analysis of EUR/JPY for October 31, 2013 Trend News

Today's Support and Resistance levels:

R3: 136.27

R2: 135.76

R1: 135.27

Current Spot: 134.89

S1: 134.76

S2: 134.26

S3: 133.88

Technical summary:

Having reviewed the price action since the mid-June low at 124.96, we have decided to shift our preferred count to the above. Instead of triangle formation, we have seen a slow overlapping move higher, and we think that an ending diagonal describes this move in the best way. As it can be seen, we are currently in the last wave higher towards a high of 138.39 (wave iii can not be the shortest of the impulsive waves). Ending diagonal consists of three wave zig-zags of wave v, we have only seen the first leg (wave a) of this zig-zag and is currently working on the b-wave, which is likely to be a flat correction. If this is correct, we will likely see a break below 134.76 indicating a decline to just below 133.60, before the final rally higher to finish wave iv of 5.

Trading recommendation:

Place a stop and reverse your long EUR positions from 134.65 to 134.70. If done, place your new stop at 135.55.

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Silver retracement begins. The 21.20/50 levels in sight Trend News

Technical outlook and chart setups:

The metal structure is unchanged from what has been discussed recently. The retracement began yesterday as it had been expected few sessions ago, and expectations are towards the 21.20/50 levels at least. Support levels are spread through the 20.50 levels, followed by 19.00 and sub 18.00 levels, while resistance levels are spread through the 23.50 levels, followed by 24.50 and higher, respectively. Till the time 20.50 is intact, the trend has possibly reversed to long-term and higher levels at 25.00 can be expected soon after retracement is finished.

Trading recommendations:

Look to buy lower.

Good luck!

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Gold retracement resumes. 1,280/90 in sight Trend News

Technical outlook and chart setups:

The metal has resumed retracement after printing highs at 1,361.00 recently. The Fed's outlook has proved to be the trigger for the fall late night. It is recommended to await prices to retrace up to 1,280/1,300, before planning to go long again. Immediate resistance is at the 1,370/80 levels, while support levels are spread through 1,250.00, followed by 1,210 and 1,180 respectively. 1,280-1,300 is the confluence of backside of the trend line which is support now, the fibonacci 0.618 support and a potential right shoulder for the inverted head-and-shoulder reversal. Till the time prices remain above the 1,250.00 levels, look higher.

Trading recommendations:

Look to buy lower.

Good luck!

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EURJPY short positions remain valid Trend News

Technical outlook and chart setups:

The currency pair has raised higher to test the recent highs before retreating lower. The short setup still remains valid until 136.00 remains intact. It is recommended to remain short and also look to add further at current levels with risk at 136.00. Immediate resistance is at 135.80/136.00, while support is spread through 132.75, followed by 131.00, 129.00 and lower. The current retracement should probably extend itself towards the 132.00 levels, which is the fibonacci 0.618 support of the recent upswing from 131.00 to the 136.00 levels, respectively. Looking lower till prices are below 136.00.

Trading recommendations:

Remain short, risk is at 136.00, target is at 132.00

Good luck!

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GBPCHF consolidates around 1.44 Trend News

Technical outlook and chart setups:

The currency pair has been trading within the vicinity of 1.4380/1.44 for a couple of days as shown here. Please note that this level is also re-enforced by the fibonacci 0.618 support as depicted here. It is still recommended to remain long; also fresh long positions could be taken at this time (1.4410/20). Immediate intermediary resistance is spread through 1.4620/30, followed by 1.4700, and 1.4800; while support levels are fixed at 1.42 and 1.4075 respectively. The overall structure suggests that a push higher should materialize any moment and that a push higher to 1.4650 would confirm the same.

Trading recommendations:

Remain long, stop is below 1.43, target is at 1.49.

Good luck!

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#USDX analysis for October 30, 2013 Trend News

The Dollar index has reached the 38% Fibonacci retracement as expected by our latest analysis. Prices are trading within an upward sloping trend channel as depicted in the chart below.

Short term trend is upward and currently this upward move is labeled corrective. This means that the longer-term trend should resume downwards any time soon if prices break below and under the upward sloping channel. Prices have reached the 79.70-90 resistance and are now put to the test. Prices could make a small pull back towards the lower boundaries of the channel before resuming upwards towards 80.

Daily resistance is found at 80 and then at 80.65-70. Two red downward sloping trend lines confirm that the trend is downward, as long as prices trade below them. If prices break above those two trend lines, then trend will have changed with possible target the 82.50-83 area. For now the longer-term trend remains downward, and we are neutral as long as the short-term upward bounce is labeled as corrective.

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Gold Elliott wave analysis for October 30, 2013 Trend News

Gold prices managed to make a new lower low at 1,338 just one dollar below the 1,339 low. The current trend is downward in the short term. Prices are expected to continue lower towards 1,320 at least as long as prices trade below 1,353. Short-term resistance is found at 1,353 and the pivot point is found at 1,348. Support is found at 1,338. As long as prices trade below 1,348 there are more chances of the support test. If prices move above 1,348, then the resistance is going to be tested.

The first short-term target of this move that started at 1,360 is the 38% Fibonacci retracement at 1,319. The downward move is not a clear impulsive move yet; therefore, we favor the bullish scenario that implies that only a shallow retracement should be expected after the end of the upward move from 1,250 to 1,360.

The daily chart has not given us anything new to study. Chances of either bullish or bearish scenario are equally shared. Important daily levels to watch out for are the 1,320 and 1,290 support levels and the 1,375 resistance. Concluding, we favor, in the short term, short positions as long as prices trade below 1,353 with 1,320 as the first target.

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

Today's Support and Resistance levels:

R3: 1.6800

R2: 1.6773

R1: 1.6723

Current Spot: 1.6646

S1: 1.6611

S2: 1.6572

S3: 1.6498

Technical summary:

The rally from the 1.6057 low continues higher, and we have seen 1.6723 tested, however, we are clearly observing a loss of momentum, which does indicate that a top could be in place or be nearby. To confirm the top, we need a break below 1.6611 and more importantly a break below 1.6572 that would call for a correction towards at least 1.6469 and possibly even lower towards 1.6311. That said, we have to respect the ongoing uptrend as long as support at 1.6611 protects the downside, for a possible extension higher towards 1.6773.

Trading recommendation:

The stop at 1.6695 was hit for a loss. we are still looking for wave ii to unfold and recommends selling EUR upon a break below 1.6611 with a stop above 1.6723 and take profit at 1.6390.

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Silver remains in buy-on-dips situation. 21.20/30 is of interest Trend News

Technical outlook and chart setups:

The metal is on track to a retracement due, towards 21.30/50 levels now. Please note that the above level is a confluence of the fibonacci 0.618 support, back side of the trend line which is support now and a potential right shoulder being carved out of a head-and-shoulder reversal. It is recommended to go long on dips for a possible rally towards 25.00 and higher. Intermediary resistance levels are spread through 23.50, followed by 24.50 and 25.00; while support is strong at the 20.50 levels, respectively. Looking lower now, then turn to bullish strategy.

Trading recommendations:

Buy lower from here on.

Good luck!

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Gold begins retracement. 1,280-1,300 is the best buy Trend News

Technical outlook and chart setups:

The metal looks to have begun retracement lower towards the1,280-1,300 area, as seen in the 4H chart. It is recommended to initiate long positions around the fibonacci 0.618 support area at 1,280/90. Though it remains possible that prices may dip further to the 1,275.00 levels before rallying further up. The 1,280/90 area is the best buy due to confluences of Fibonacci retracement levels, backside of the trend line that is support now, and a potential right shoulder of a possible inverted head-and-shoulder reversal here. Only a break of 1,250.00 would be a worry for the bulls now.

Trading recommendations:

Look to buy lower from here.

Good luck!

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EURJPY directs at 132.00 Trend News

Technical outlook and chart setups:

The currency pair looks to have resumed its fall towards 132.00 now, as seen in the 4H chart. An A-B-C retracement is due at least towards 132.00 from here on. It is recommended to hold short positions taken earlier with risk above the 135.50 levels. Support levels are spread through 131.00, 129.00, followed by 128.00 and lower; while resistance is at 135.00. The pair is looking lower in the short term and then ling on a bullish bounce around the 132.00 area. If the support line breaks, 131.00 would be a target for bears to continue lower.

Trading recommendations:

Remain short with risk at 136.00 and a target at 132.00.

Good luck!

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GBPCHF at Fibonacci support of 1.44. Hold long positions Trend News

Technical outlook and chart setups:

The currency pair has bounced off the fibonacci 0.618 support level of the rally between 1.42 to 1.49, as seen in the 4H chart. Intermediary resistance levels are spread through 1.4625, followed by 1.47 and 1.48; while support levels are spread through 1.42 and 1.4075, respectively. It is recommended to hold long positions for now and add further. A push through 1.4530 would confirm that prices are inching towards fresh intermediary highs around the 1.49 levels in the sessions to come. Please note that 1.49 is the fibonacci 0.618 retracement of the previous fall from 1.54 to 1.4. This level would be of interest to go short again.

Trading recommendations:

Remain long with risk at 1.42

Good luck!

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USD/CAD intraday technical levels and trading recommendations for October 29, 2013 Trend News

Four months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254.

An important key level was located around 1.0505. This was the key level for the previous weeks' movement as the re-closure below it enabled the pair to break down 1.0455 as well, where the lower limit of the depicted consolidation range was located.

The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday, resulting in a bullish hammer weekly candlestick. Since then, the pair has been consolidating within narrow range between 1.0260-1.0340, until we had a bullish breakout at the daily closure of October 8.

As Expected, bullish momentum was expressed at retesting of the lower limit of the ongoing channel around 1.0280 pushing higher towards 1.0460 then probably 1.0500.

The price level around 1.0465 remains the nearest considerable resistance for the pair. A valid sell entry is recommended at retesting with SL located above 1.0530, while TP should be located at 1.0390 then 1.0305.

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#USDX analysis for October 29, 2013 Trend News

Yesterday, we noted how increased was the probability to see an upward bounce in the Dollar index. Short-term resistance was broken and prices are starting to make an upward bounce towards the next resistance level at 79.85-95.

Short-term resistance is found at 79.70 and then at 79.85. Short-term support is found at 79.30 and 79.15. The upward move is overlapping and thus corrective. Despite the corrective nature of the rise, this upward move could continue towards 80. We are bearish overall and will sell the upward corrective move near 80.

The longer-term trend remains downward and any upward move is labeled corrective as long as prices trade below the two downward sloping trend lines that touch previous highs. We could see a test of the first downward sloping trend line near 80-80.20. The longer-term trend will change only if prices break above 80.70.

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Gold Elliott wave analysis for October 29, 2013 Trend News

Gold has broken down as expected by our last analysis ending diagonal pattern, and we now expect prices to make a retracement of the entire rise from 1,250. Prices are expected to move at least towards the 38% Fibonacci retracement which is at 1,318.

Short-term support is found at 1,334 and then at 1,318 (our first target). Short-term resistance is found at the recent high of 1,361 and then at 1,375. We expect prices to continue their move downwards and start a pattern of lower lows and lower highs in the 1-hour chart.

The daily chart confirms that prices have met strong resistance in the 1,350-1,375 area. This could be the right hand shoulder forming. This is a bearish scenario that could lead prices towards 1,250 again and test that important support. If broken then we should anticipate 1,140. If prices stop the decline above 1,300, then the chances of seeing a new higher high above 1,433 are increased.

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Elliott wave analysis of EUR/NZD for October 29, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6800

R2: 1.6736

R1: 1.6684

Current Spot: 1.6662

S1: 1.6617

S2: 1.6559

S3: 1.6498

Technical summary:

Important short-term support at 1.6559 held firmly yesterday and protected the downside for a new rally towards the top at 1.6684. We are still looking for a break below 1.6559 to confirm a deeper wave ii correction towards 1.6498 and likely lower towards 1.6444, but we have to accept, that as long as support at 1.6559 protects the downside the uptrend is intact and a possibility of a break above resistance at 1.6684 is a possibility, which will open for a continuation higher towards 1.6736. That said, we do prefer, that resistance at 1.6684 holds firm for the break below 1.6559.

Trading recommendation:

Stay short from 1.6595 with your stop placed at 1.6695. If you are not short yet, wait to sell EUR upon a break below 1.6559 with the same stop at 1.6695.

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Silver retracement is due. 21.00/20 remain best buy Trend News

Technical outlook and chart setups:

The metal is poised to retrace further to the 21.00/20 levels. It is recommended to refrain from buying at the current levels and allow retracement to materialize. The 21.00 area is confluence of the falling downtrend line, which is acting as support, the fibonacci 0.618 retracement level and a potential right shoulder formation of a possible head-and-shoulder reversal. The metal may be unfolding a long term bullish structure if recent swing lows at 20.50 are held. At the moment, short term looking lower towards 21.00/25 and then higher up.

Trading recommendations:

Look to buy from lower levels.

Good luck!

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Gold buy on dips. 1,280-1,300 remain best buy Trend News

Technical outlook and chart setups:

Gold should be on the verge of a retracement now. Please refrain from long positions at the current levels. The metal needs to correct towards the 1,280-1,300 levels first, before rallying towards fresh highs. The longer-term structure might be unfolding as favoured to the bulls if 1,250.00 holds from here on. Immediate resistance is offered by the 1,370/75 levels, followed by 1,410 and 1,440.00; while support is at 1,250.00, 1,210.00, 1,180.00 and lower. 1,280/90 remain best buy for the confluence of fibonacci retracement, backside of trendline, which is now acting as support and a possible right shoulder formation.

Trading recommendations:

Look to buy lower.

Good luck!

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EURJPY retracement still possible towards 132.00 levels. Trend News

Technical outlook and chart setups:

The currency pair still needs to retrace at least to the 132.00 levels from here on. As depicted here, prices have fallen back from the highs of 135.50 lately and bounced off the 0.382 retracement levels till now. A meaningful correction towards fibonacci 0.618 levels still remains possible at 132.00, before any further action towards the trend happens. If short positions have been initiated, the risk remains at 136.00 from here on. On the other hand, if the shorter-term trend line breaks down, prices would look to target the 131.00 levels, which are immediate support now. In the short term we are looking lower, buy after a bullish bounce.

Trading recommendations:

Hold short positions till 132.00, stop at 136.00.

Good luck!

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GBPCHF poised to stage a rally. Remain long Trend News

Technical outlook and chart setups:

A short term view has been depicted here for a closer look into the waves. The currency pair has halted its retracement at the fibonacci 0.618 support levels of 1.44, as depicted here. It is extremely likely that a rally from here should take off any moment now. Hence, it is suggested to hold on to long positions taken earlier and also add if possible. Immediate resistance seen here is at the 1.4525 levels, followed by 1.47 and 1.48; while support is at the 1.42 levels, followed by 1.4075 and lower. Extensions are pointing at the 1.49 levels in the near future, before a meaningful reversal takes place. Looking to rally for now.

Trading recommendations:

Hold on to long positions. Stop is below 1.43, target is at 1.49.

Good luck!

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EUR/JPY H1 analysis for October 28, 2013 Trend News

General overview for 28/10/2013 10:00 CET

Alternate count is in play, where wave c green of wave (b) blue must be finished before more downside will be in play.

The price is above the Weekly Pivot and the current resistance level is at 134.87, which is in confluence with blue intraday down sloppping trend line. The target level for wave c green is SUPPLY zone at 135.08 - 135.16. This zone is in confluence with One-to-One market geometry level of equal legs: a=c (green). Please notice that if this zone is broken to the upside, the immediate test of the recent high is in view.

Small weekend gap acts as a intraday support now - the level is 134.52. Break of this level would put the navy trend line to test somewhere the area of 134.00.

Please notice that this last wave to the downside, wave (c) navy, must develop in five impulsive waves to confirm the current wave progression. A failure at this point would mean that correction might get more complex and time consuming.

No visible divergence yet.

Support/Resistance:

135.49 - Swing High

135.08 - 135.16 - SUPPLY ZONE

134.89 - Intraday Resistance ( weak)

134.59 - Weekly Pivot

134.52 - Intraday Support ( gap)

133.87 - Intraday Support

133.69 - WS1

133.60 - Technical Support

132.99 - Target Level for wave (c)

Trading recommendations:

Due to unfinished cycles on higher time frames the bias is to the downsiade to complete the wave (c) navy of the corrective wave (ii) green.

Entry level is SUPPLY ZONE, SL is above 133.48 and potential TP is 133.00. R/R for this trade is 7:1.

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#USDX analysis for October 28, 2013 Trend News

The Dollar index is currently in a sideways corrective phase. Prices are making overlapping patterns, and there is no sign of a clear impulsive trending move. The trend in bigger time frames may remain downward, but for the short term, prices are trendless.

The decline from 80.75 could very well be completed, so for the short term, we are not much in favor of short positions. Prices could make a move towards 79.75 if the short-term resistance at 79.35 is broken upwards. For the time being, we give more chances for an upward bounce than a continuation of the decline to new lows.

The daily chart shows very clearly how the trend remains downwards. Important support level for this downward move is the 78.90-70 area that is going to be tested over the coming weeks. Prices are trading within a downward sloping channel and unless the index breaks above 80.85, then we cannot talk about a trend reversal. Any upward bounce is corrective and should be met with selling. Until the trend channel is broken upwards, this is our longer term view.

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

Today's Support and Resistance levels:

R3: 1.6740

R2: 1.6684

R1: 1.6654

Current Spot: 1.6623

S1: 1.6559

S2: 1.6498

S3: 1.6444

Technical summary:

There was no time for a correction Friday, as we continued directly higher to the next resistance at 1.6685 (we have seen 1.6684 as the high for now). However, we still think that we should soon see wave ii unfold, but to confirm that wave ii is unfolding, we need a break below 1.6559 that would call for a continuation lower towards 1.6498 and 1.6444, before the ideal wave ii target near 1.6325. That said, we have to be aware that as long as support at 1.6559 protects the downside, we could see a continuation directly higher towards 1.6740 if wave i extends even more.

Trading recommendation:

Stay short from 1.6595 with your stop at 1.6695 and take profit at 1.6420. If you are not short in EUR yet, then sell upon a break below 1.6559 with the same stop and take profit levels.

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Elliott wave analysis of EUR/JPY for October 28, 2013 Trend News

Today's Support and Resistance levels:

R3: 135.76

R2: 135.32

R1: 135.76

Current Spot: 134.72

S1: 134.52

S2: 133.88

S3: 133.60

Technical summary:

We have seen a bottom at 133.88 (our target was at 133.89). The following rally is not yet the most convincing we have seen, but we will give it the benefit of our doubt, as long as minor support at 134.52 and more importantly support at 133.88 protects the downside. In the short term we are looking for a break above 134.96 which indicates a continuation higher towards 135.32 and 135.76 as the next targets. A break below 134.52 will be frustrating, but only a break below 133.88 and more importantly a break below 133.60 will invalidate our bullish scenario and indicate that a much more complex correction is unfolding.

Trading recommendation:

Stay long in EUR from 134.18 and move your stop higher to 134.30. If you are not long in EUR, buy after a break above 134.96 with the same stop at 134.30.

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Silver is following buy-on-dips strategy. The 21.20/50 levels are in focus Trend News

Technical outlook and chart setups:

The metal rallied last week and took off the initial resistance at 22.50 as depicted here. This indicated that the bulls are in control, and it would rally further after a meaningful retracement. The metal is expected to retrace at the following convergence level:

1. Fibonacci 0.618 support at the 21.30/40 levels.

2. Back side of the downtrend line, which is support now.

3. A potential right shoulder of a possible head-and-shoulder reversal.

Trading recommendations:

Flat for now. Looking to buy lower.

Good luck!

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Gold retracement is due towards 1,300-1,280 Trend News

Technical outlook and chart setups:

The metal rallied above the resistance levels at 1,350.00 last week. This indicates that bulls remain in control now, and we should buy on any meaningful dips from here on. Levels of interest are 1,280-1,300 to enter long positions. As depicted here, the short-term support line is still intact and for prices to produce a meaningful retracement, the trend line needs to break. It is recommended to remain flat for now and await for the pullback to materialize lower. Initiating short positions now would be too risky. Please also note that the fibonacci 0.618 support is also passing through the 1,290.00 area.

Trading recommendations:

Flat for now. Looking to buy lower.

Good luck!

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EURJPY retracement should continue further. 1.32 in focus Trend News

Technical outlook and chart setups:

The currency pair seems to be poised to retrace further lower towards the 1.32 levels at least, as depicted here. Please note that the rising trendline is also passing through the same levels at the moment. It is recommended to initiate short positions (only 50%) with the risk at the 136.00 levels. Support levels are spread through 131.00-129.00, and 128.00; while resistance is fixed at the 135.50 levels, respectively. A bullish bounce at 132.00 would be favourable for building long positions again. In the short term, expect prices to retrace lower at least.

Trading recommendations:

Initiate short positions in small capacity, stop is at 136.00 target is at132.00

Good luck!

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GBPCHF preparing to rally after bouncing off the 0.618 support Trend News

Technical outlook and chart setups:

The overall structure still remains unchanged, and the currency pair is seen bouncing off the 0.618 fibonacci support around the 1.4380/1.44 levels here. Therefore, it is recommended to keep long positions taken earlier and also to add further at the current levels (1.4440). Rally extensions are pointing towards 1.49 from here on. Please note that 1.49 is also the 0.618 retracement between the 1.54 and 1.4 levels fall earlier. It would be the next level to initiate short positions in the long term. Resistance is fixed at the 1.48 levels, followed by 1.5; while support levels are spread through 1.4200 - 1.4075, respectively. Looking higher from here on.

Trading recommendations:

Remain long, set stop below 1.43, target is at 1.49.

Good luck!

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EUR/JPY H1 analysis for October 25, 2013 Trend News

General overview for 25/10/2013 11:15 CET

The impulsive wave progression has been paused, and the current price action does not indicate any further impulsive development.

It looks more like some of the corrective wave is in progress now, but it is hard to say what cycle it EXACTLY is.

Anyway, the breakout above the dashed blue line (intrenal descending trend line) is rather bullish and the grey rectangle area at 134.66 might be tested again to complete wave c purple of wave (ii) black and then if SUPPLY zone holds - more downside is expected.

If SUPPLY zone will not hold, then alternate green count is in play and this one indicates more complex wave (b) navy, both in price and time.

Support/Resistance:

135.48 - Swing High

135.25 - WR2

134.75 - WR1

134.66 - SUPPLY ZONE

133.88 - Intraday Support

133.81 - Weekly Pivot

133.60 - Intraday Support

133.31 - Intraday Support

132.90 - 132.96 - TARGET AREA FOR WAVE (c)

Trading recommendations:

As long as dashed navy trend line holds, intraday short positions should be in play. If it gets broken out to the upside - SUPPLY zone might be tested.

Please notice that currently the price is in the middle of a daily zone, so no good R/R is currently present.

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Gold Elliott wave analysis for October 25, 2013 Trend News

Gold reached our first short-term target at 1,350 yesterday, and the price did not get rejected at that resistance. Now trading near 1,343 which is our pivot point for today, we favor neutral positions as long as prices trade below that level. If prices trade above the pivot point, then there will be increased chances of making a new high above 1,350. The short-term support is found at 1,336, and if broken, it could lead the precious metal to a bigger decline towards 1,322 and then 1,310.

The supportive upward sloping trend line is being tested now. Prices are slightly below it, and we have to wait in order to reach any solid conclusions. This is the first weakness sign, but we want to wait for more evidence of weakness in order to open short positions.

The trend remains upwards in the short term. If prices remain supported, we could see the continuation of the move towards 1,375. Currently, the trend is upward and a short-term trend change to downward could come if prices break below 1,330. If this support fails, then we could see prices reach 1,310-1,300 or even 1,280. So bulls need to be extra careful around these levels and keep a tight stop loss.

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Silver remains buy-on-dips. 21.30/50 levels of interest Trend News

Technical outlook and chart setups:

The metal has rallied ahead and taken off the resistance at 22.50 levels as seen here. Minimum implications from here, is a retracement towards the 21.30/50 levels, before the next bull leg begins. It is recommended to remain flat for now and wait for the pullback to materialize. Initial resistance fro here is at 23.50, followed by 24.50 and 25.00; while strong support begins from 20.50, followed by 19.00 and 18.00 respectively. The 21.30/50 level is confluence of the following:

1. The fibonacci 0.618 support of rally from 20.50.

2. Back side of the dropping trend line which is support now.

3. Potential right shoulder of an inverted head and shoulder reversal.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!

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Gold remains buy-on-dips towards 1,290-1,300. Trend News

Technical outlook and chart setups:

The metal inched a little further towards the 1,350.00 levels yesterday. Implications from here are to wait for a retracement towards the 1,290/1,300 levels before going long again. Immediate resistance is at the 1,350.00 levels, followed by 1,375.00, 1,410.00 and higher up; while major support begins from 1,250.00 levels, followed by 1,210.00 and 1,180.00 respectively. The 1,290.00 levels is confluence of:

1. Fibonacci 0.618 support of the recent rally from 1250.00.

2. Back side of the dropping trend line, which is support now.

3. A potential right shoulder of a possible head and shoulder reversal.

Trading recommendations:

Flat for now. Preparing to go long lower towards 1,290.00.

Good luck!

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EURJPY retracement continues. 1.32 level of interest Trend News

Technical outlook and chart setups:

The currency pair has reversed sharply from the highs at the 135.50 levels as depicted here. At the moment, the prices seem to be bouncing off the 0.382 fibonacci support levels, but still further downside could be expected towards 132.70/80. As seen here, it is the fibonacci 0.618 support of the recent upswing from 131.00 to 135.50. Intermediary support is at the 132.00 levels, followed by 131.00, 129.00 and lower; while intermediary resistance is fixed at the 135.50 levels respectively. It is recommended to remain flat for now and await a meaningful retracement towards at least the 132.00 levels before committing on the long side.

Trading recommendations:

Remain flat for now.

Good luck!

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GBPCHF bounces from 1.44 levels. Trend News

Technical outlook and chart setups:

The currency pair is seen bouncing off right from the 0.618 fibonacci support as depicted here. It is recommended to hold taken earlier long positions and add further as well. Initial support begins from 1.42, followed by 1.4075 and lower; while intermediary resistances are lined up from the 1.46 levels,followed by 1.48, and strong resistance is placed at 1.5 respectively. The overall structure depicts that a bullish bounce from here would take prices to the 1.49 levels. Please note that 1.49 is also the fibonacci 0.618 retracement of the entire fall from 1.54 to 1.40 as well. A bearish reaction should be expected there. Looking higher at the moment.

Trading recommendations:

Remain long, stop is below 1.43, target is at 1.49.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for October 24, 2013 Trend News

Four months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254.

An important key level was located around 1.0505. This was the key level for the last week's movement as the re-closure below it enabled the pair to break down 1.0455 as well, where the lower limit of the depicted consolidation range was located.

The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday, resulting in a bullish hammer weekly candlestick. Since then, the pair has been consolidating within narrow range between 1.0260-1.0340, until we had a bullish breakout at the daily closure of October 8.

Two weeks ago in the absence of important economic data (and no NFPs) from the United States, the market focused on Canada's employment report released on Friday which lead to bearish retracement again towards 1.0340 then 1.0280 (the most recent demand zones).

Bullish momentum was expressed earlier last week until Wednesday when the pair expressed two bearish engulfing daily candlesticks that brought the pair back to retest the lower limit of the ongoing channel around 1.0280.

The price level around 1.0465 remains the nearest considerable resistance for the pair as long as price zone of 1.0335-1.0260 remains defended by the bulls. A valid sell entry is recommended at retesting with SL located above 1.0500.

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