Fundamental Analysis For January 08, 2013 Trend News

After a positive day for the European currencies, in which the euro, the British pound, and Swiss franc saw a good recovery of their losses last week, Tuesday's session does not offer, at least for now, movements important for it and for other major crosses.

The yen has strengthened in the last few hours at a slow pace, but this move looks like a correction, at a crossroads as the USD/JPY pair which came out of its slumber weeks ago. Anyway, you could observe the area of the crossing 85.60 this week.

As for European stock markets operate right now, continuing a movement in the direction of the shares of New York on Monday. The market quickly digested employment data showed on Friday, and so far not observed variables that can change the direction of the blue chips. As this happens, the currency may follow a path of short-term bullish trend, weakening the dollar.

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NZD/CAD Wave Analysis for January 08, 2012 Trend News

NZD/CAD Elliott Wave
Last week the NZD/USD pair was trading upwards, corrective wave (2) (coloured green) of the bigger (C) wave (coloured red) was developing. During the Monday's Asian session we could observe descending movement from 0.8322 toward the 0.8287 level. Therefore, during the European and New York sessions the NZD/USD pair did not manage to hold this level, and the price started pushing higher reaching a new daily high at 0.8375 level. Today during the early Asian session this commodity pair continued trading in a bullish mood and the price reached 0.8378 level where we think corrective (2) wave ended. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8082 (161.8% of wave 1). To reduce the risk, we can use invalidation at 0.8395 level as stop loss.

Support and Resistance
(S3) 0.8254 (S2) 0.8288 (S1) 0.8310 (PP) 0.8344 (R1) 0.8378 (R2) 0.8400 (R3) 0.8434

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.8350 with stop loss 0.8395 take profit at 0.8082 are recommended.

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Silver Remains Bullish. Buying On Intraday Dips Recommended. 29.70/80 Region Is Support Trend News

Technical Outlook and Chart Setups:

The overall structure remains grossly constructive for bulls. Immediate support is the Friday’s low at 29.20/25, followed by 28.00/27.50 and lower. As depicted here, the A-B-C structure seems to have been completed now with a low in place at 29.20 level. Silver is preparing for the next huge bull run towards D which extends to 37.00 and 41.00 levels respectively. Immediate resistance is at 31.50, followed by 33.50, 34.30, and 35.00 respectively. It is recommended to add long positions during intraday dips around 29.70/80 region. Looking higher from now.

Trading Recommendations:

Hold long positions, add further on dips around the 29.70/80 mark. Stop is at 29.00 and target remains open.

Good Luck!

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Gold Remains Bullish. 1,640/45 Region Is Support Trend News

Technical Outlook and Chart Setups:

Gold Daily Chart has been again presented to discuss the next larger bull run which is setting up at the moment. Looking into the wave structure as depicted here, a large A-B-C is possibly in place and the next large bull run towards D could be just underway. Immediate support levels are 1,590/1,600, 1,550.00 and lower; while resistances are at 1,700.00, 1,720/30, 1,750/55, and 1,795.00 respectively. It is again emphasized that the yellow metal has bounced back sharply from 1,625/30 levels last Friday. This region is enforced by the convergence of 0.618 Fibonacci support of AB, past resistance turned support and also the trendline. It is recommended to buy on dips during the day around the 1,640/45 mark. Looking higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier. Add further around 1,640/45 region. Stop is at 1,600/10. Target is open.

Good Luck!

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EurJpy Remains Subdued in the Range 114.10/20 to 115.20/30 Trend News

Technical Outlook and Chart Setups:

A Daily Chart view is again presented here for a long-term perspective. After hitting the first target D1 at 111.00 level, the single currency pair had raised past 115.00 level before pulling back to 113.50/60 levels last week. Since then, the prices are trading between a narrow 100 pip range between 114.10/20 and 115.20/30 respectively, as seen on the smaller timeframes. A clear range breakout would re-enforce opinion about the next larger trend movement. Fibonacci resistance levels extend to 117.90/118.00 and above 120.00 respectively at the moment. Immediate support would be 113.00, followed by 110.50 and lower. 114.30/35 would be intraday range support.

Trading Recommendations:

Book partial profits on long positions taken earlier. Add further long on a bounce from 114.30/35 levels. Stop is at 113.00. Target is at 117.90.

Good Luck!

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GbpChf Seems To Have Carved A Lower High At 1.4950/55 Levels Trend News

Technical Outlook and Chart Setups:

As discussed yesterday, the single currency pair had retraced up to 0.618 Fibonacci resistance level for downswing AB (depicted on the chart here). This level C could be the potential resistance for bulls during forthcoming sessions. Further resistance levels are 1.5050 and 1.5150; while supports are fixed at 1.4670 (temporary), 1.46, and 1.45 respectively. It is hereby recommended to continue holding short positions taken earlier and also look to add during intraday rallies. 1.4880/90 levels are resistances for intraday rallies for today.

Trading Recommendations:

Hold short positions taken earlier. Stop is at 1.5. Targets are at 1.46 and 1.45.

Good Luck!

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