EUR/JPY Elliott wave analysis for May 16, 2013 Trend News

Today's support and resistance levels:

R3: 132.78

R2: 132.45

R1: 131.91

Current spot: 131.55

S1: 131.18

S2: 130.88

S3: 130.43

Technical overview:

The deep correction from 132.78 indicates that wave iii of 5 ended early and that wave iv of 5 is ongoing. Wave iv of 5 could already have ended at 131.18, which a break above 131.91 will confirm. However, until we have a clear break above 131.91, we must accept that wave iv could retrace a little more of wave iii, with a deeper correction down to 130.88 and maybe 130.43 (unlikely), before wave v of 5 takes over. As wave iii ended a little early (below our ideal target at 133.59), we should expect wave v to end a little lower too. Wave v should as a minimum reach 133.20, but it is more likely that we will see top at 134.47.

Trading recommendation:

Our stop at 131.30 was hit for a nice porfit. We will buy EUR again here at 131.55 with a stop at 130.25 and take profit + reversal of the position at 134.20.

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Silver breaks below 23.00. Book partial profits on short positions. Trend News

Technical outlook and chart setups:

The metal has finally broke down below 23.00 level today. It is recommended to book partial profits on short positions taken and hold on to the remaining. Looking into the wave structure as depicted here, if the metal produces a bullish reversal bounce from here, and rally past 24.00 level again, it would indicate formation of a bottom at 23.00 level. On the other side, a break further below 22.50 level could trigger further sell off towards 21.50/70 levels. The latter option seems to be of higher probability at the moment. Bottom line: Remain short for now, further breakdown is possible.

Trading recommendations:

Book partial profits on short positions taken.

Good luck!

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Gold retraces close to 1.400.00. Book partial profits Trend News

Technical outlook and chart setups:

The metal is finally breaking down after several days of range trading. Past support of the range was at 1,440.00 level which is now immediate resistance, followed by 1,487/88, 1,500/20 and higher up. As depicted here, the Fibonacci extensions are extending towards 1,380 and 1,360 for the downswing from here on. It is recommended to book partial profits and hold on to remaining short positions now, in anticipation of further downside towards 1,380.00 at least. A break below 1,360.00 level would prove critical for bulls, and trigger further downside towards 1,290/1,300. On the other side, a bullish reversal around current levels (1,400/10), and a rally past 1,440.00 would indicate that a bottom is in place at 1,400/10 levels and the metal could begin further rally.

Trading recommendations:

Book partial profits on short positions and hold on selling short.

Good luck!

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EurJpy could reverse anytime now. 133.00 resistance Trend News

Technical outlook and chart setups:

A daily chart view has been depicted here with trendline view. The inner trendline support is just around 131.00. Candlestick support is at 129.50, followed by 127.00, 125.00 and lower. Looking into chart patterns, the single currency pair is showing signs of a potential reversal or atleast a meaningful retracement of the entire run up rally. After getting stopped out yesterday at 132.60/65 just by a few pips, it is still encouraging to initiate short positions with 133.00 as stop. Yesterday's pattern was a star dogi, indicating grave indecision and a reversal is high probable. Short-term timeframes (1H-4H) have not yet confirmed bearish moves, hence conservative traders may opt to stay flat for now. Bottom line: Reversal is on cards now.

Trading recommendation:

Aggressive strategy would be to go short again at 132.20/30, stop is at 133.00/10, and target is open.

Good luck!

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GbpChf hits 1.48. Book profits for now Trend News

Technical outlook and chart setups:

The single currency pair has raised through the sloping downtrend line as expected, and finally hit 1.4800 level as well, as seen here. It is recommended to book profits for now and await for further directional move. Believe it or not, considering the momentum breakout, it remains quite possible for the pair to push through next major resistance at 1.5 level as well. As discussed yesterday, the current rally from 1.4 level could end up forming a down gartley and possible target could be 1.4890 and higher before reversing for good. We shall review the situation again, flat for now.

Trading recommendations:

Exit long positions.

Good luck!

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Elliott Wave analysis of EUR/NZD for May 15, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5860

R2: 1.5814

R1: 1.5767

Current spot: 1.5738

S1: 1.5736

S2: 1.5718

S3: 1.5704

Technical overview:

We keep making new highs, but we still lack the acceleration, that we would normally expect in wave three. We still think that once the real momentum in the ongoing wave iii is released, there should not be any problems with breaking above the base channel resistance line for a very powerful rally higher. Once we have cleared the strong resistance in the 1.5918 - 1.5938 area we should see the top at 1.6359 tested soon after. In the short term we are looking for minor support at 1.5736 to protect the downside for a break above minor resistance at 1.5767 and a break above here confirms the next rally higher. However, if support at 1.5736 is broken, it opens for a slightly deeper correction to 1.5718 before the next rally higher.

Trading recommendation:

We are long EUR from 1.5550 and we lift our stop higher to 1.5645. If you are not long EUR already, then buy here near 1.5736 or upon a break above 1.5767 with the same stop.

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