EUR/NZD Elliott wave analysis for May 14, 2013 Trend News

Today's support and resistance levels:

R3: 1.5834

R2: 1.5773

R1: 1.5742

Current spot: 1.5709

S1: 1.5680

S2: 1.5648

S3: 1.5600

Technical overview:

Red wave iii of iii is progressing nicely, but we would still like to see some real acceleration through the base channel resistance line to confirm that wave iii will extend. In the short term, we would like to see support at 1.5680 protecting the downside for a break above 1.5742 and, more importantly, a break above 1.5770, which will confirm the next rally higher to 1.5918. That said, a break below 1.5680 will pave the way for a slightly deeper correction to 1.5648 before the next move higher will be seen.

Trading recommendation:

We long EUR from 1.5550 and will move our stop higher to the break-even point at 1.5550. If you do not have long positions on EUR already, then buy EUR near 1.5680 with the same stop.

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EUR/JPY Elliott wave analysis for May 14, 2013 Trend News

Today's support and resistance levels:

R3: 133.54

R2: 132.95

R1: 132.40

Current spot: 132.20

S1: 131.84

S2: 131.57

S3: 131.29

Technical overview:

We are still headed for resistance near 133.59 in the short term, where we will likely find the top of wave iii of 5 and after a brief correction in wave iv down to the 131.56 - 131.79 area we should see the final rally higher in wave v of 5 towards 135.47. As we are getting closer to the ideal target for the entire rally from 94.10, we should be aware of signs that this major rally is coming to an end and wave 2 is ready to take over. However, for now we should still be focused towards the upside and the expected test of 133.59 soon.

Trading recommendation:

We long EUR from 127.30 and upon a break above 132.40 we will move our stop higher to 131.30 from the current level of 130.20. We have placed our take profit + reversal of the position at 135.00. If you do not have long positions on EUR already, then buy close to 131.59 and use the same stops.

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GBP/USD: Weekly technical levels for May 13 -- 17, 2013 Trend News

Weekly technical levels:

Trading Recommendations :

According to previous events, the price has still been trapped between 1.5425 and 1.5315.

Buy above 1.5253 with a first target of 1.5388, it might resume to 1.5500.

Below 1.5537 (78% of Fibonacci retracement levels) look for further downside with 1.5430 and 1.5303 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.

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Hold on to short positions in silver Trend News

Technical outlook and chart setups:

As depicted in the chart view here, the intermediary trend is down and silver is clearly in the sell zones of trendlines for now. Furthermore, the rally from sub 22.00 level seem to be corrective in nature (3 waves) and prices have bounced off the 0.382 Fibonacci resistance as well. Looking into all these facts, it is recommended to remain short for now and sell rallies towards 24.00 level. A clear break of 24.80 level would take prices to sub 25.00/26.00 levels which is re-enforced by Fibonacci resistance and past support turned resistance as well. Bottom line: Looking into wave structure, prices are looking lower fro here.

Trading recommendations:

Remain short. Stop is at 25.00, and target is open.

Good luck!

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Gold bounces off support at 1,420.00 Trend News

Technical outlook and chart setups:

The yellow metal has bounced off the 0.382 Fibonacci support levels at 1,420.00. It is recommended to book partial profits on the short positions suggested last week. The trading implications are dual at the moment.

1. A lower top is in place ahead of 1,500.00 level and a move lower is under way towards 1,290.00 level.

2. A bullish bounce at 1,420.00 level would see around 1,520/30 levels in the sessions to come, before reversing. Since the intermediary trend is down, the latter one sounds more probable for now.

Resistance is seen at 1,591.00 level, followed by 1,650/70 levels in this chart view. Support is at 1,400.00, 1,380.00, followed by 1,320.00 respectively.

Trading recommendations:

Book partial profits on short positions.

Good luck!

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EurJpy breaks out above 131.00. Flat for now Trend News

Technical outlook and chart setups:

The single currency pair broke higher of the pennant formation and registered fresh highs towards 132.00 level last week. After having stopped out of short positions, it is recommended to remain flat for now. Further up possible resistance levels are at 132.00 and 131.00 level as shown here. A failure at 132.00 level could enable the price reversal. A breakout of pennant formation also suggests that prices could extend further up to 132.00 level in the coming sessions. It is therefore recommended to change trade strategy to Buying On Dips towards 131.00 level from mere on. Immediate support is at 131.00 (past resistance, being future support), followed by 128.00, 127.00, and 125.00.

Trading recommendations:

Flat for now. Looking to buy supports towards 131.00 for now.

Good luck!

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GbpChf testing trendline. 1.48 possible. Stay long Trend News

Technical outlook and chart setups:

The single currency pair has comfortably risen through 1.47 level as it was discussed last week. As depicted here, at the moment, the pair is testing line of resistance near 1.4740 level. A push higher from here would further open doors towards 1.48 level at least. Major resistance is at 1.5, followed by 1.51 and 1.53; while immediate support is at 1.4520/30, followed by 1.44, 1.4075 and lower. It is recommended to remain long for now and also reduce risk to 1.4500 from 1.44 level. On the other hand, a bearish reaction here would further see a possible reversal of prices. Bottom line: Targeting 1.48 plus for now.

Trading recommendations:

Remain long, book partial profits from earlier positions if possible. Stop is at 1.45, target is at 1.48 plus.

Good luck!

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