Gold: analysis for December 31, 2013 Trend News

Overview:

Since our last analysis, Gold has been trading downwards, as we expected, the price tested the level of 1,194.68 on low volume and that is the reason why we saw the small upward correction and the testing of 1,206.13.We can observe that supply on high volume has entered the market at 1,206.00, so the level of 1,206.00 may be the point for further bearish continuation.We can also see decreasing volume on upper legs which is good sign for further bearish continuation.We may see testing of previous swing lows at the price of 1,192.00 and 1,187.00.Do not forget, Gold is in the bearish trend so buying looks very risky. Watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,209.31

R2: 1,213.75

R3: 1,220.93

Support levels:

S1: 1,194.95

S2: 1,190.51

S3: 1,183.33

Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities.

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#USDX Analysis for December 31, 2013 Trend News

The Dollar index is still trading within price limits that do not show a clear trend path. So we neither prefer bullish or bearish setups. We are not bullish or bearish. We prefer to remain neutral as the price action in the Dollar index due to holiday season remains low and volatility is expected to remain low.

Price action remains overlapping and there is no clear sign of a direction in this market. Although the longer term trend favors bearish positions as prices continue to make lower lows and lower highs, we prefer to remain neutral. Short term support is found at 79.70 and short term resistance is found at 80.40. We prefer to think of opening a new position only if prices break an important resistance or support.

The daily chart remains complicated with no real directional signal. We remain neutral.

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Gold analysis for December 31, 2013 Trend News

Gold prices as expected by our analysis have not managed to move above the downward sloping channel resistance levels at $1,220 and reversed down. Prices have broken below the short-term pivot area of $1,205 and are now testing the first important support level at $1,1195. We continue to prefer the wave scenario shown in the chart below.

The alternative preferred wave scenario implies that we are making a couple of 1-2 waves down. This scenario implies even more downside potential. We should not forget we are currently in the final stages of the downward move from $1,360. However, there is an opportunity to open short positions to take profit of the potential decline towards $1,140-$1,150, we anticipate.

The daily chart continues to show that the trend is downward. Prices continue to trade within the long-term downward channel. We remain bearish. The target is $1,140-$1,150.

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Gold: analysis for December 30, 2013 Trend News

Overview:

Since our last analysis, Gold has been trading downwards, as we expected, the price rejected from the level of 1,218.76 (FE 100 %) on ultra high volume and tested the level of 1,200.49 on high volume. According to the 1H chart, Gold finished bullish corrective phase. We can observe that strong supply on very high volume has entered the market at 1,218.00 so the level of 1,218.46 may be our point d (abcd corrective). We can also see decreasing volume on upper legs which is good sign for further bearish continuation.We may see testing of previous swing lows at the price of 1,192.00 and 1,187.00. Anyway, if the price breaks the area of 1,218.76 on high volume, we may see the testing of FE 161.8% at 1,225.90, before we start with bearish continuation. Do not forget, Gold is in bearish trend so buying looks very risky. Watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,214.98

R2: 1,215.66

R3: 1,216.77

Support levels:

S1: 1,212.76

S2: 1,212.08

S3: 1,210.97

Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities.

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#USDX analysis for December 30, 2013 Trend News

The Dollar index made a new low as expected by our analysis, but prices managed to come back inside the sideways triangle that has been formed for some time now. The trend is mostly neutral with a small incliantion to favor bears. The Dollar index has continuously shown weak signs of buying strength, only to be followed by strong selling pressures.

Despite having the ability to bounce back from 79.70 to 80.40, the Dollar index continues to be in a downward trend as prices continue to make lower highs and lower lows. It is important however to note that the decline is far from impulsive. The overlapping structure of price movement and the absence of a clear directional channel, means that prices are in a corrective phase.

Prices in the daily chart continue to confirm that trend is downward. As long as prices trade below the red area, the trend will favor bears. Strong resistance is found above 80.50 until 81. Short-term support is around 79.60. Concluding we favor short positions as long as prices trade below 81 or being neutral until we have a clearer buy or sell signal.

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Gold analysis for December 30, 2013 Trend News

Gold prices have managed to reach $1,220, where the upper resistance level of the downward sloping channel is. Prices were expected to be rejected in this area and turn downwards. Breaking below $1,205 is the first bearish sign that wave 4 has ended.

Gold pirces have finished their upward corrective wave (4) and are ready now to start wave (5) to new lower lows towards $1,170 which is our first short-term target. The initial wave count preferred is shown in the chart above. However we should also take into consideration the possibility that this downward move from $1,270 is only a couple of 1-2 waves and an extended 3rd wave is about to start. We have to wait for prices to unfold their wave structure in order to get more information and decide which wave scenarios are to be preferred.

The daily chart continues to confirm that trend is down in all time frames. So we remain short and we look for the longer term target of the broken Head and Shoulders pattern at $1,140. Short-term stop for bears is $1,220. Short-term support is found at $1,195.

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Technical analysis of GBP/CHF for December 30, 2013 Trend News

Technical outlook and chart setups:

1. The currency pair GBP/CHF seems to be again testing the level of 1.4720/1.4740 before continuing its downward move. It is recommended to remain short for now, the risk remains at 1.4950. Also note that a push higher from 1.4720, the fibonacci 0.618 resistance, will see 1.4800 levels soon.

2. Immediate resistance is at 1.4720/30, followed by 1.4800 and 1.4950, while intermediary support begins from 1.4350, followed by 1.4200 and 1.4000 respectively.

3. The entire structure remains bearish on higher time frames (Daily and Weekly), where major resistance has been at 1.4900. Prices have reversed from 1.4900 and a push below 1.4350 should indeed bring it down to 1.4000 levels.

Trading recommendations:

Remain short for now, set stop at 1.4950, target is at 1.4.

Good luck!

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Technical analysis of EUR/JPY For December 30, 2013 Trend News

Technical outlook and chart setups:

1. The EUR/JPY has been in uptrend and hit the 145.00/50 levels as discussed last week. As depicted here in the 4H chart view, the pair remains in the buy zone of both short and long-term support trendlines. It is recommended to remain flat for now and await a line break before going short.

2. Resistance is fixed at 145.00/50, while support begins from sub 143.00, followed by 142.50, 142.00 and lower respectively. A break of at least 143.00 level would be required to confirm a top is in place.

3. The entire structure is constructive on higher timeframes, but a meaningful pullback should take place, before thee rally continues.

Trading recommendations:

Remain flat for now. Preparing to initiate short positions.

Good luck!

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Technical analysis of USD/CAD for December 30, 2013 Trend News

General overview for 30/12/2013 08:50 CET

The upside wave progression has developed as anticipated so far, but it has not been finished yet. There are two waves to the upside missing to complete the wave III. Currently, the price is in corrective cycle of smaller sub-wave (iv) and bounce is expected from the level of 1.0696 or 1.0686. The first resistance would be the SUPPLY zone and last swig high level, but once violated, the price should go to the level of WR1 at 1.0777 as the first target level for wave (v).

Support/Resistance:

1.0777 - WR1

1.0736 - Swing High

1.0727 - Intraday Resistance

1.0697 - Intraday Support

1.0686 - Intraday Support

1.0676 - Weekly Pivot

1.0635 - WS1

Trading recommendations:

As long as the Weekly Pivot level provides support, long positions should be taken from the level of 1.0696 or 1.0686 with SL below the level of 1.0676 and TP at the level of 1.0736 and 1.0777.

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Elliott Wave analysis of EUR/NZD for December 30, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7046

R2: 1.6996

R1: 1.6955

Current Spot: 1.6875

S1: 1.6856

S2: 1.6807

S3: 1.6748

Technical summary:

The clear break above 1.6869 indicates that blue wave v of the expanded flat correction ended at 1.6807 and a new series of waves one's and two's is developing for the next powerful rally higher towards 1.6996 and higher towards 1.7239. However, a break below 1.6807 will shift the count, so blue wave v ended at 1.6996 and a correction towards 1.6569 is developing, before the next powerful rally should be expected.

As long as support at 1.6807 protects the downside, we will give the upside the benefit of the doubt.

Trading recommendation:

Stay long from 1.6715 with your stop at 1.6800. If you are not long in EUR, then buy after a break above 1.6924.

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Gold: analysis for December 27, 2013 Trend News

Overview:

Since our last analysis,Gold has been trading upwards, as we expected, the price tested the level of 1,215.53 (FE 100 %) on ultra high volume (buying climax). According to the 1H chart, Gold is in bullish corrective phase, so we placed Fibonacci expansion to find the levels for potential end of the bullish corrective phase. We got FE 61.8 % at 1,205.22 (already broken), FE 100 % at 1,213.15, and FE 161.8 % at the price of 1,225.97. We can also see decreasing volume on upper legs which is good sign for further bearish continuation. Anyway, if the price breaks the area of 1,215.53 on high volume, we may see the testing of FE 161.8 % at 1,225.90, before we start with bearish continuation. Don't forget, Gold is in bearish trend so buying looks very risky. Watch for selling opportunities after the bullish corrective phase ends.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,213.55

R2: 1,216.19

R3: 1,220.47

Support levels:

S1: 1,204.99

S2: 1,202.35

S3: 1,198.07

Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities after the bullish corrective phase ends.

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Gold analysis for December 27, 2013 Trend News

Gold is in downtrend within a downward sloping trend channel and we believe it currently makes its upward wave 4 bounce as shown in the chart below. Prices are now at $ 1,210 and we believe that the upward bounce is most probably over. Prices are expected to turn downwards towards $1,180 to complete our anticipated wave 5.

Short-term support is found at $1,205 and then at $1,195. Short-term resistance is found at $1,220 and then at $1,240. We expect prices to remain inside the blue downward sloping channel. Prices have reached the upper boundaries of the channel and we expect to see a rejection now that will lead prices lower to complete wave (5).

The daily chart above shows clearly that the trend remains downward. We believe that the move from $1,270 is still not over as well as the move from $1,360. We expect this downward move to end near $1,1150. We remain bearish.

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Technical analysis of EUR/JPY for December 26, 2013 Trend News

General overview for 26/12/2013 15:15 CET

The upside gap has occurred when market had opened today with the pair going higher to 143.52 level in new 4-year high.

The Elliott Wave labeling has been changed due to waves (i) and (ii) overlapse and new count is provided. The new labeling indicates a sooner than expecetd wave (iv) black termination and a triangle formation for wave iv black. The result is upside gap, that will be counted as small degree wave three. This means, that currently market is in small corrective cycle wave four and one more push higher is expected up to the level of 143.98. Then market should start to attempt to try to fill the gap.

Support/Resistance:

143.98 - WR2

143.53 - Swing High

143.30 - 142.63 - GAP ZONE

143.20 - WR1

142.88 - Technical Support

Trading recommendations:

The level of 143.30 is providing a temporary intraday support and any breakout below this level would be bearish and would mean a possible gap filling attempt. In this case SL should be above the level of 143.53 and TP at the level 142.88.

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#USDX analysis for December 26, 2013 Trend News

The Dollar index although has given us short term bullish signals, it still remains under the important resistance level of 81. Prices show low volatility as expected during the holiday season. Currently, the price pattern favors bulls, but prices still remain below important resistance levels.

There is potential for prices to move higher as there is a sequence of higher highs and higher lows from 79.75. Short-term trend is up as long as prices trade above the red upward sloping trend line. Short term resistance is found at 80.75-80 and short-term support is found at 80.30-10.

The daily chart still shows that short-term trend is challenging the intermediate bearish trend. Breaking above the blue downward sloping trend line at 80.75-80 will be a bullish signal that could change the intermediate term from bearish to bullish. Concluding, we are feeling bullish as long as prices continue to trade above 79.80-79.90 as this is very important support. Our target is 82.50.

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Technical analysis of EUR/JPY for December 26, 2013 Trend News

Technical outlook and chart setups:

1. EURJPY has taken out 143.20 and subsequently out stop loss on short positions taken earlier. As depicted here, it is a sideways/triangle/consolidation breakout which has moved prices higher. It is recommended to initiate long positions upon a pullback towards 142.70/80 again. Until then remain flat.

2. The sideways trading range of 141.00, acting as a support and 143.00, acting as a resistance has been broken and hence 142.80/143.00 would turn support now. This would be the next opportunity to go long.

3. The entire structure reveals a larger trend reversal in the coming weeks. At the moment, EUR/JPY could push through 145.00 if 142.80/143.00 holds well.

Trading recommendations:

Flat for now. Initiate long positions at the 142.80/143.00 levels.

Good luck!

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Technical analysis of GBP/CHF for December 26, 2013 Trend News

Technical outlook and chart setups:

1. The GBP/CHF has pulled back from recent swing lows of 1.4350/1.4400 to 1.4700/20 recently. Please note that it is at the 0.618 retracement of the entire downswing from 1.4950 to 1.4350/1.4400. It is recommended to remain short for now, risk remains at 1.4950.

2. The resistance is at 1.4950 for now, while support intermediary will be provided by 1.4350, followed by 1.4200 and 1.4 respectively.

3. The entire structure indicates that the major resistance has been hit at 1.4950, and prices should continue to move in a lower high-lower low structure from here on.

Trading recommendations:

Hold on to short positions, set stop at 1.4950, target is at 1.41 and 1.40.

Good luck!

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Elliott Wave Analysis of EUR/JPY for December 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 143.92

R2: 143.57

R1: 143.46

Current spot: 143.38

S1: 143.00

S2: 142.46

S3: 141.86 - Important support. A break below here confirms the top.

Technical summary:

The target at 143.24 has been hit. An important top should be imminent. The first indication of the top being in place is a break below 143.00 and the top will be confirmed upon a break below 141.86.

In the short term we could see a slight extension higher towards 143.46 and 143.57 as long as support at 143.15 and more importantly as long as support at 143.00 protects the downside, but a break below 143.00 will be the first good indication, that a top is in place.

Trading recommendation:

We sold EUR at 143.15 and will place stop at 144.15. If you are not short in EUR yet, then sell after a break below 143.15 with the same stop at 144.15.

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Technical analysis of gold for December 24, 2013 Trend News

Technical outlook and chart setups:

1. Gold will remain subdued until prices stay below $1,250.00. It is recommended to remain short and sell within intraday rallies towards $1.210.00/20.00.

2. The resistance line remains intact as seen here and lower prices towards $1,150.00 is expected, or even further. Resistance begins from $1,210.00, and spread through $1,230.00, followed by $1,250.00 and higher, while support is at $1,180.00, followed by $1,160 and lower.

3. The structure reveals that Gold remains in a secular bearish trend since $1,920.00 and further downside is expected. Levels of interest are the $1,250.00, $1,100.00 and $1,030.00 (2008 resistance turned support now).

Trading recommendations:

Remain short and sell within intraday rallies towards $1,210.00/20.00, set stop at $1,250.00, target is at $1,150.00/60.00.

Good luck!

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Elliott wave analysis of EUR/NZD for December 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6869

R2: 1.6808

R1: 1.6739

Current Spot: 1.6692

S1: 1.6672

S2: 1.6630

S3: 1.6597

Technical summary:

Nothing much is going on with this currency pair right now. We are still looking for a rally higher towards 1.6869 to end the leading diagonal. Once finished we should look for a small correction before the next powerful rally higher.

In the short term we expect support at 1.6672 that will protect the downside for the rally higher towards 1.6869. Only a break below 1.6672 will delay the upside pressure for a decline towards 1.6569 before renewed upside pressure takes over again.

Trading recommendation:

Stay long in EUR from 1.6715 and lift your stop to 1.6665. If you are not long in EUR yet, then buy upon a break above 1.6739 with the same stop at 1.6665.

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Technical analysis of EUR/JPY for December 24, 2013 Trend News

Technical outlook and chart setups:

1. The 4H chart depicts here clear indications that the trading range between 141.00 and 142.00 continues for now. As seen here, a bearish evening star signal has just appeared around the 142.80 level.

2. It is recommended to remain short for now, risk remains just above 143.00. Resistance is at the 143.00 level, while support is at 141.00 respectively. Prices are expected to fall back towards 141.00 if the trading range continues.

3. On the other hand, a break above 143.00 would warrant a bullish break towards 145.00 and higher.

Trading recommendations:

Remain short for now, stop is at 143.10, target is at 141.00.

Good luck!

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Elliott wave analysis of EUR/JPY for December 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 143.24

R2: 142.89

R1: 142.74

Current Spot: 142.60

S1: 142.42

S2: 142.14

S3: 141.86 - Important support - Break below indicates a top being in place.

Technical summary:

As resistance at 142.49 was broken we knew, that a new high above 142.89 is needed to finish this rally. Short term expect support at 142.42 to protect the downside for the last rally higher towards 143.24 where an important top should be found. From 143.24 or upon a break below 141.86 a major correction towards at least 124.95 should develop. This correction will be the biggest we have seen, both time- and pricewise since the 94.10 low.

Trading recommendation:

The stop at 142.75 was hit and we will be looking for a new selling opportunity at 143.15 or upon a break below 141.86.

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Technical analysis of GBP/CHF for December 24, 2013 Trend News

Technical outlook and chart setups:

1. In the daily chart, it is depicted that as expected the GBP/CHF pair has reversed from 1.4700/50. Please note that price 1.4720/30 is also the fibonacci 0.618 retracement of the downswing from 1.4950 to 1.4400 respectively.

2. It is recommended to remain short from the 1.4700/50 levels, and risk remains at 1.4950. Support prices are spread through 1.4350, followed by 1.4200 and 1.4; while resistance is fixed at 1.4900/50 respectively.

3. The structure reveals that GBP/CHF is in for a longer term reversal towards 1.4 at least and further lows.

Trading recommendations:

Remain short, set stop at 1.4950, target is at 1.4.

Good luck!

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Technical analysis of USD/CAD for December 24, 2013 Trend News

General overview for 24/12/2013 10:20 CET

The corrective wave development labeled as green abc Irregular Flat wave 2 cycle has been finished and current outlook for this pair is bullish.

To follow this assumption, the price must break out from the Intraday Range zone between the 1.0598 level and the 1.0632 level, and the preffered breakout is to the upside, in the direction on the Weekly Pivot level at the 1.0645 and then the 1.0660 Technical Resistance level. The breakout even higher than this level and price comeback to the blue channel zone is first clue that itermediate low is in place (wave 2 black) and test of the recent high is in view.

On the other hand, any breakout lower below the 1.0598 Intraday Support level, exposes to test the Demand Zone. If this zone is broken and the level of 1.0572 is violated, then maim count is invalidated and alternate count is in play.

Support/Resistance:

1.0736 - Swing High

1.0719 - WR1

1.0660 - Technical Resistance

1.0645 - Weekly Pivot

1.0632 - Intraday Resistance

1.0598 - Intraday Support

1.0572 - 1.0575 - DEMAND ZONE

1.0559 - Technical Support

1.0555 - WS1

Trading recommendations:

Typical range breakout strategy should be played here with traders placing Buy Stop orders at the 1.0633 level with SL at the 1.0612 level and TP1 at the 1.0645 and TP2 at the 1.0660 level.

In case of downside breakout, traders should place Sell Stop orders at the 1.0598 level with SL at the 1.0614 level and TP1 at the 1.0572 level and TP2 at the 1.0559 level.

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Gold analysis for December 24, 2013 Trend News

Nothing much has changed from yesterday in our gold analysis. Volatility is naturally low so prices are lingering around 1б200. The trend in all time frames is downward. Short-term support is found at 1,180 and short-term resistance is found at 1,220.

As long as prices trade below the red downward sloping trendlines, we expect prices to continue to unfold downwards towards our longer-term target of 1,140. The pattern of lower lows and lower highs continues to unfold and support our bearish view. We prefer short positions with 1,220 stop and the 1,180 first short-term target.

Any move above 1,205 is expected to challenge our stop at 1,220.So short-term traders could also use that level as stop. The daily chart continues to support our bearish view. We believe that the move from 1,360 is still unfinished and that is why we expect new lows at 1,140.

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#USDX analysis for December 24, 2013 Trend News

The Dollar index has back tested the broken downward sloping channel. Now it is preparing for another strong upward move that could bring prices to 81. We are bullish biased expecting the upward move to be strong.

Short term resistance is found at 80.75. Short term support is found at 80.30. The index is now trading at 80.50 and we expect in the next few days to see it above 81. The red upward sloping trend line provides support to the upward trend that started at 79.75. We expect prices to continue to make higher highs and higher lows. Stop for bulls is 80.30 for short term traders. Short term target is 81.

Longer term traders should have 79.80 as stop and 82.50 as target. Important resistance from the daily chart as shown above, is found at 80.85-95. The blue downward sloping trend line if broken, would confirm up trend. We are bullish biased and we want resistance at 81 to be broken soon.

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EUR/JPY H1 analysis for December 23, 2013 Trend News

General overview for 23/12/2013 10:50 CET

The corrective cycle of wave iv black is still not finished and more downside wave progression is being expected.

A possible shape of the overall wave (c) blue is abc Irregular Flat correction, that should complete into 140.90 level support. In this case wave iv black would be a simple correction but there is a possibility, that wave iv black will become more complex and timie consuming correction is a shape of a triangle formation. In this scenario traders could expect two more additional waves, (d) and (e) blue to complete the overall wave development. Range zone between 140.91 and 142.89 should be maintained as well in case of a triangle formation and any breakout higher is bullish. Nevertheless, at this point of current analysis it is too early to draw this conclusions with 100% accuracy.

Support/Resistance:

143.20 - WR1

142.89 - 4 year's Swing High

142.69 - 142.81 - SUPPLY ZONE

142.49 - Intraday Resistance

142.10 - Weekly Pivot

141.84 - Intraday Support

141.33 - WS1

140.91 - Technical Support

Trading recommendations:

For intraday scalpers: the breakout below Weekly Pivot level at 142.10 is bearish and then 141.84 support level would be in view. If you decide to trade this setup, then SL should be above 142.49 and TP levels would be 141.84 and 1401.33.

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#USDX Analysis for December 23, 2013 Trend News

As expected by the Dollar index, prices are starting to make a pull back test. We have seen the initial bullish signal once the triangle was broken. Now bulls need to show more signs of strength in order to confirm that trend has reversed.

Short term support is found at 80.40-30 and short term resistance is found at 80.80-81. The upward move from 79.70 is not a clear impulsive move yet. Prices should not break below 79.85-90. If that price level is broken, then we should expect prices to reach 79 again and why not lower.

On the daily chart prices have found strong resistance in the red area as expected. The first try to break was rejected, but we should give it some more time before rejecting the bullish scenario. As long as prices trade above 79.80-90 we believe the chances are in favor of the bulls. Our longer-term target remains 82.50 as prices trade above 79.80. Breaking below this level we should expect 78.50 to be tested.

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Gold analysis for December 23, 2013 Trend News

Gold is making an upward bounce after reaching near its 1,179 lows. Prices remain in a downward trend in all time frames and this upward bounce is still considered corrective. Prices continue to trade below the trend line resistance levels and the final 5th wave we believe we are in has still more room to unfold lower towards 1,140-50.

The downward move in Gold seems incomplete. I expect prices to bounce up to 1,210 maximum and then turn down again to make new lower lows. Support is found at 1,180 and important pivot level for today is the 1,202 price level. Important resistance is found at 1,210-1,220. Critical price resistance for major downtrend is the 1,245 level.

The daily chart has not changed our longer-term view. We see this positive candles as part of another upward bounce that is correcting the decline. We expect prices to challenge 1,180 and eventuallybreak below it.

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Elliott Wave analysis of EUR/NZD for December 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6808

R2: 1.6749

R1: 1.6708

Current Spot: 1.6665

S1: 1.6630

S2: 1.6597

S3: 1.6569

Technical summary:

Not much is happening here. We are still looking for one last rally higher towards 1.6869 to finish the leading diagonal. In the long term we are looking for much higher levels, but we need to be patient and wait for this holding pattern to give away.

In the short term we are looking for support at 1.6630 to protect the downside for a break above 1.6708 and more importantly a break above 1.6749 confirming a new test of 1.6808 on the way towards 1.6869.

Trading recommendation:

Stay long from 1.6715 and raise your stop to 1.6615. If you are not long in EUR yet, then buy after a break above 1.6708 with the same stop at 1.6615.

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Elliott Wave analysis of EUR/JPY for December 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 142.89

R2: 142.74

R1: 142.49

Current Spot: 142.36

S1: 142.25

S2: 141.86

S3: 141.41

Technical summary:

Do we have an important top in place at 142.89 or are we just consolidating for one last rally higher towards 143.25? It is still an open question. No matter what the outcome will be, we are in the very last part of the rally of the June 24 - 2012 low at 94.10. That said we do need a break below important short term support at 140.94 to confirm, that the top is in place and that a major correction has taken over for a decline towards at least 124.92 and likely lower towards 118.71.

In the short term we will be looking for resistance at 142.49, which ideally will protect the upside for a break below support at 142.08 indicating a decline towards 141.41 and lower towards 140.94. However, a break above 142.49 will give us a new test of resistance at 142.89 on the way towards 143.24.

Trading recommendation:

Stay short in EUR from 141.70 and move your stop lower to 142.75. If you are not short in EUR, then sell upon a break below 142.49 with the same stop at 142.75.

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Gold minimum target should be at $1,150/60. Trend News

Technical outlook and chart setups:

The metal is making lower lows and lower highs and till the time it continues, there is no reason to believe that the trend has changed. As depicted here, at the moment, resistance is seen around the $1,210/20 region, and fresh short positions can be initiated if the price reaches there. Downside extensions are pointing towards $1,160.00 and $1,145.00 respectively. The immediate swing resistance is at $1,250.00 and till the time the price stays below it, bears are clearly in control. Support is at $1,180.00 for now, followed by the $1,150.00 region respectively. We expect some bullish reaction at the $1,150.00 levels, but a break will open up lower levels.

Trading recommendations:

Sell towards $1,210/20, set stop at $1,250.00 and target is at $1,160.00

Good luck!

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EURJPY still range bound. Support is at 141.00 Trend News

Technical outlook and chart setups:

We took a closer look at the 4H chart. As seen here, the currency pair has been trading in a range of support (141.00) and resistance (142.70/80) for several sessions now. At the moment, short positions have been taken and it still recommended to remain short with risk just above 143.00. A breakout on the north side would however warrant further upside potential, and it would be advisable to flip to long positions above 143.00 levels. On the other hand, a break down of 141.00 would be extremely bearish and push prices to atleast 139.00 levels. Further support levels are 138.50, 137.00 and 134.00 respectively.

Trading recommendations:

Existing short positions could be held with a stop above 143.00. Fresh positions should be taken only upon a breakout to either side.

Good luck!

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GBPCHF turns from resistance between 1.47-1.4750. Hold short positions Trend News

Technical outlook and chart setups:

As expected, the currency pair has reversed from the resistance zone of 1.4700/50, producing an engulfing bearish candle. Short positions might have triggered and it is recommended to hold the same and also add on intraday rallies from here on. Risk remains at 1.4900. Resistance is at 1.4900; while support is at 1.4350, followed by 1.4200 and 1.4000 respectively. The entire structure might be unfolding as a head and shoulder reversal; where the current engulfing bearish is probable right shoulder. Extensions are pointing towards 1.4150 and 1.4000 levels respectively. Prices should remain below 1.4900 levels from here on.

Trading recommendations:

Remain short, set stop at 1.4910, target is open.

Good luck!

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Gold analysis for December 20, 2013 Trend News

Gold prices are unfolding in a downward impulsive move which we label as wave 5 of the decline that started at 1,360. We expect prices to continue lower towards our Head and shoulders target of 1,140. First support area is the previous low at 1,179 which can provide a small upward bounce.

Trend remains downward and bears should feel comfortable as long as prices continue to trade below wave (2) high and below the purple downward sloping resistance trend line. Short term support is found at 1,179 and then at 1,120-1,140.

The daily chart confirms our bearish view which was our preferred wave scenario. Prices are moving downwards in an impulsive pattern making lower lows and lower highs. We expect this downward move to continue to new lows.

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

Today's Support and Resistance levels:

R3: 1.6756

R2: 1.6694

R1: 1.6659

Current Spot: 1.6626

S1: 1.6597

S2: 1.6569

S3: 1.6517

Technical summary:

We are still looking for the final rally in blue wave v higher towards 1.6869 to end the leading diagonal. Once we have seen 1.6869 tested we should see a correction lower towards 1.6569. That said, we have to be aware of the possibility of blue wave v already being in place with the high set at 1.6807. If this is the case, the next rally will break right through resistance at 1.6869 for a continuation towards 1.7239. Only time will tell, which scenario is the correct one.

Trading recommendation:

Stay long EUR from 1.6715 with your stop at 1.6560. If you are not long EUR already, then buy a break above 1.6658 with the same stop at 1.6560.

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

Today's Support and Resistance levels:

R3: 143.24

R2: 142.89

R1: 142.59

Current Spot: 142.38

S1: 142.14

S2: 141.86

S3: 141.41

Technical summary:

It is still an open question whether we have seen an important top at 142.89 or we need more upside action before the top is finally in place. To confirm, that we have an important top in place we still need a break below 140.91.

Short term we will be looking for minor resistance at 142.59 likely protecting the upside for a break below 142.14 and more importantly a break below 141.86, which confirms a new test of support at 140.91, but only below here confirms that the top is in place. However, even if we do get a break above 142.89, the upside progress should be very limited, likely we will not see more than 143.24 tested.

Trading recommendation:

Stay short from 141.70 with a stop at 142.90. If you are not short yet, then sell a break below 142.14 with the same stop at 142.90.

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Gold analysis for December 19, 2013 Trend News

Yesterday, we mentioned that our favorite wave scenario was that we are currently in wave 4 and a final wave down to new lows was anticipated. The confirmation would come if $1,220-$1,210 was broken. We also expected prices to break resistance or support levels after the announcement of the FED policy regarding the tapering of the QE program.

Gold prices broke down and are now trading at $1,200. As long as prices trade below the purple trend line resistance, we will remain short with $1,180-$1,190 minimum targets. This is most probably the final 5th wave from $1,360.Stop for bears now is the $1,245 level. Bulls could find support at $1,190-$1,180 where the previous lows are.

The daily chart continues to support short positions as trend remains downward. Important daily resistance is the $1,268 price level. A daily close above that price level will confirm trend reversal in the short term. Our target remains at $1,180-$1,190 in the short term.

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Silver trading lower. Eyeing below 18.00 for now Trend News

Technical outlook and chart setups:

The 4H chart shows that the metal has drifted lower to sub 19.20 levels today before pulling back. Immediate resistance level is the 20.25/50 region, followed by 21.00 and 23.00; while support is at sub 19.00 levels followed by 18.00. It is recommended to sell intraday rallies for now and refrain from buying. Silver has shown resilience by not breaking lower to 19.00 levels and hence showing divergence to Gold. It is recommended not to commit, aggressive buying or selling at this moment. A clear break of 19.00 and subsequently 18.00 would be required to shift focus towards 16.00 and 17.00 levels.

Trading recommendations:

Flat for now. 20.50 is resistance.

Good luck!

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