EUR/JPY Elliott wave analysis for May 15, 2013 Trend News

Today's support and resistance levels:

R3: 133.59

R2: 132.77

R1: 132.38

Current spot: 132.18

S1: 131.98

S2: 131.53

S3: 131.05

Technical overview:

After one last decline in minor wave four of iii down to 131.53 we saw the expected rally higher through resistance at 132.40. We are now in wave five of iii of 5 and we still expect this rally in wave five of iii to reach its ideal target near 133.59 before we will see wave iv of 5 take over. As wave ii 5 was a flat correction, we would be looking for a quick zig-zag correction towards 131.79 before the final rally higher in wave v of 5, which will have an ideal target near 135.47, this final rally will end the entire rally since the 94.10 low.

Trading recommendation:

We long EUR from 127.30 and our stop was raised to 131.30 when we broke above 132.40. Our take profit+reversal is at 135.00.

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Silver preparing for breakdown again. 21.50 should form bottom Trend News

Technical outlook and chart setups:

The single currency pair has bounced off from the 0.618 Fibonacci support at 24.00 level, after creating lows at 22.00, as seen here on the weekly chart view. But Fibonacci extensions of the down swing is pointing towards 21.50 level before a meaningful bounce can materialize. Furthermore, 20.00 level can be viewed as past resistance turned future support now hence a high probability for a bottom formation there. It is hence recommended to remain short on positions taken earlier, targeting minimum levels around 21.45.

Trading recommendations:

Remain short, stop is at 25.00, and target is at 21.50.

Good luck!

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Gold targeting 1,290-1,300 as bottom. Resistance remains at 1,500.00 Trend News

Technical outlook and chart setups:

The weekly chart presented here depicts a possibility of another low below 1,320.00. The Fibonacci extensions of the downswing from 1,900 level to 1,550 are pointing towards an extension of 1,290.00 and 1,300.00. Hence it is recommended to remain short for now with risk at 1,500.00 level. As seen here, the 1,500.00 level is past support turned resistance level on weekly view. A push above 1,520/50 levels will be required to conclude that gold has reversed for good. Till then, traders should remain short on rallies targeting 1,290.00 Intermediary support is at 1,380 now, the 0.618 Fibonacci support of the recent rally.

Trading recommendations:

Remain short, stop is at 1,500.00, and target is open.

Good luck!

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EurJpy showing signs of weakness at 132.00 Trend News

Technical outlook and chart setups:

A simple trend view of Daily chart has been presented here. The single currency pair has begun to show weakness since the last 2 trading sessions. Yesterday a Hanging Man was observed and today's formation till now presents the same trade signal. This could be an early indicator of a possible reversal ahead. It is recommended to initiate short positions now (1.3180/85), with an open target and defined risk above 132.60/65. A fall below 130.00 would confirm that a major downswing is underway, and a break of 127.00 levels would accelerate the fall. On the flip side, a push above 132.60 would further open doors towards 134.00 and 136.00 on the higher side but remains less probable move for now.

Trading recommendations:

Initiate short positions, stop is at 132.60/65, and target is open.

Good luck!

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GbpChf retraces for now. Hold on long positions targeting 1.48 Trend News

Technical outlook and chart setups:

The single currency pair has bounced off the sloping downtrend line as depicted here. Nevertheless, this can be just considered as a pullback for now and it is recommended to hold long positions towards 1.48 level from here on. Immediate support is at 1.45, followed by 1.44 and lower while major resistance is at 1.5 level. A break of 1.45 level would suggest that a top is in place near 1.4750 region and the next move is lower from here. Until that event, prices should look to build higher towards 1.48 and possibly towards 1.5 level. This rally that has begun from 1.4 level could be the counter trend rally for the down swing from 1.54 to 1.400. Bottom line: Looking higher for now.

Trading recommendations:

Hold long positions for now, stop is at 1.4500, target is at 1.48 at least.

Good luck!

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For detail explanation and best discovery on market trends you may visit via GbpChf retraces for now. Hold on long positions targeting 1.48 . Thanks for your support on GbpChf retraces for now. Hold on long positions targeting 1.48