EUR/JPY Elliott wave analysis for May 7, 2013 Trend News

Today's support and resistance levels:

R3: 130.68

R2: 130.23

R1: 129.81

Current spot: 129.58

S1: 129.23

S2: 128.97

S3: 128.61

Technical overview:

The minor correction from 130.41 has been a little bigger than we expected, but that does not change our view that the next powerful rally higher is to begin soon. We are currently looking for a break above 129.81 and more importantly a break above 130.23, which confirms that the next rally higher towards at least 132.07 is underway. However, we expect this next rally to extend and find it more likely that we will see a continuation higher towards 133.90. In the short-term, we expect support at 129.47 and, more importantly, support at 129.23 to protect the downside for the break above 129.81. That said, an unexpected break below 129.23 will only indicate a slightly deeper decline towards 128.97 and maybe 123.67 before the next move higher sets in.

Trading recommendation:

We long EUR from 127.30 with a stop at 128.35 and take profit and reversal of the position at 135.00. If you do not have long EUR positions already, then buy at a break above 129.81 with the same stop.

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GBP/USD intraday technical analysis and trading recommendations for May 6, 2013 Trend News

Stabilization above 1.5370 temporarily cancelled the bearish reversal scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5590.

The long-term view remains bullish as long as the pair continues to consolidate within the depicted daily bullish channel above 1.5370-1.5400. However, the upper limit of the movement channel 1.5590-1.5600 may provide a considerable resistance for the pair. This idea is supported by the weak ongoing bullish structure with integrated swings and broken short-term uptrends as depicted on the 4H chart.

On the 4H chart, there's a broken short-term uptrend line which was broken-down to initiate a retracement movement towards 1.5530 (the next minor uptrend line). If the bears manage to break down 1.5530, the way towards 1.5480-1.5450 will be open.

By breakdown of this trendline, there would be a confirmed signal of reversal. However, it is important to be cautious. Breakdown of 1.5480-1.5500 is essential for further bearish retracement towards 1.5400 and 1.5370.

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Silver remains flat for now. 23.00 good support to buy Trend News

Technical outlook and chart setups:

The metal remains structurally unchanged for now. It is recommended to remain flat for now and look to buy further on dips towards 23.00 levels, since it is marked by Fibonacci 0.618 support of the entire rally from sub 22.00 levels. Resistance is strong at 26.00/50 levels which was past support. Intermediary support is at 23.00 level, followed by 22.00 and 21.45 respectively. A push above 24.80/85 levels now would bring prices to 25.00 and 26.00 levels. It is recommended to short around the 26.00 region, if prices rally straight up.

Trading recommendations:

Flat for now; looking to buy lower towards 23.00 or sell higher towards 26.00.

Good luck!

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Gold remains unchanged. 1,500/20 remains resistance to enter short positions Trend News

Technical outlook and chart setups:

The metal has virtually remained unchanged since few trading sessions; moving in a trading range between 1,440/50 and 1,470/75 as shown here. It is recommended to enter buying towards 1,420/40 levels only since it is the 0.618 support zone of the rally till now. If prices manage to rally past 1,480/85 levels from here, it is expected to reach 1,500/20 levels, which is strong resistance level (past support turned resistance). It is recommended to initiate short positions around 1,500/20 levels, if prices rally straight up from here. Near-term support is at 1,440.00 and 1,320.00, while resistance is at 1,480/85, respectively. Bottom line: Buy low or sell high for now.

Trading recommendations:

Buy between 1,420 and 1,440, or sell around 1,500/20 levels.

Good luck!

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EurJpy may be in the last leg up. Remain short Trend News

Technical outlook and chart setups:

As seen here, the single currency pair has been within the cone consolidation wave structure since last several trading sessions. The current rally towards sub 130.00 levels, seem to be the last one, before giving it up. It is recommended to remain short for now and add fresh positions if possible. Resistance is at 130.50/60 and 131.00, while support is around 128.00 and 125.00, respectively. As shown here by arrows, the current rally is wave 4, and wave 5 should be the breakdown leg normally. The breakdown should potentially bring prices below 125.00, towards 123.00 at least. Bottom line: Selling rallies should remain the trade mantra for now.

Trading recommendations:

Hold on to short positions and sell intraday rallies. Stop is at 131.30 and target is open.

Good luck!

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GbpChf hits resistance at 1.46. Book profits on long positions. Flat for now Trend News

Technical outlook and chart setups:

As seen here, the single currency pair is trading around resistance at 1.46 level for now. It is quite possible that prices fall towards 1.42-1.43 levels, in a 3 wave correction before rallying further. Hence it is recommended to book profits on long positions taken last week and stay flat for now. On the other side, if prices manage to push above 1.4650 level, it is expected to again test the sloping trend line and past support turned resistance zone near 1.47 level. At the moment, immediate intermediary resistance is the 1.4650 mark; while support is around 1.44 mark. A possibility of Gartley formation cannot be ruled out at the moment, hence flat for now till clear direction unfolds.

Trading recommendations:

Book profits on long positions, remain flat for now.

Good luck!

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GBP/USD: Weekly technical levels for May 6 -- 10, 2013 Trend News

Weekly technical levels:

Trading Recommendations :

According to previous events, the price has still been trapped between 1.5574 and 1.5525.

Buy above 1.5500 (23.6% of Fibonacci retracement levels) with a first target of 1.5535, it might resume to 1.5574.

Below 1.5604 (100% of Fibonacci retracement levels) look for further downside with 1.5522 and 1.5460 targets.

Observations :

Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.

Use historic prices to determine future prices.

Fibonacci retracement is used to determine accurate psychological levels of support and resistance, act according to this kind of period.

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