Elliott Wave analysis of EUR/NZD for May 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5970

R2: 1.5924

R1: 1.5894

Current spot: 1.5871

S1: 1.5857

S2: 1.5814

S3: 1.5770

Technical overview:

There was no time for red wave ii to develop into a deeper correction and the break above the top of red wave i indicated, that red wave iii was developing. We should soon see a clear break above the base-channel resistance line, which will confirm that red wave iii is developing. As red wave i wave a leading diagonal, we should expect red wave iii to extend and the first extension target will come in at 1.6481, where red wave iii will be 1.618 times red wave i. In the short term we could see a decline to 1.5770, but from there or upon a break above 1.5924 we should see the next very powerful rally higher towards 1.5970 and 1.6023.

Trading recommendation:

Due to the shallow correction in red wave ii we missed our buying opportunity, but we will place a new EUR buy order at 1.5790 or buy upon a break above 1.5924 (one order cancels the other). We will place our stop at 1.5615.

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Elliott Wave analysis of EUR/JPY for May 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 132.77

R2: 132.44

R1: 132.08

Current spot: 131.76

S1: 131.28

S2: 131.18

S3: 130.79

Technical overview:

We are still looking for the final wave higher towards the ideal target near 134.47. We think the entire rally since the 94.10 low will end wave I and wave II will take over. As wave v of 5 moves higher we must be on high alert to signs that wave I is over. Once wave II takes over we should expect a powerful decline towards the bottom of wave 4 of one lesser degree which comes in at 118.73. However, for now we should still look for the last rally higher and for the short term support at 131.28 and, more importantly, support at 131.18 should protect the downside for a break above 132.08 for next move higher trough 132.77 towards 133.54, and finally 134.47.

Trading recommendation:

We are long EUR from 131.55 and will move stop higher to 131.15 and keep our take profit + reverse of the position at 134.20.

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GBP/USD: Fractal 1.5210 - daily strategy for May 17, 2013 Trend News

Being sustained above the daily fractal 1.5210, this morning the pound sterling has reversed to test the strength of the support. So we expect a bounce in this area. If it happens it is recommended to buy with targets at 1.5300 and 1.5395. In the previous months, 1.52 has served as support and resistance. A weekly close below this level will invalidate our bounce perspective. So we recommend placing the stop loss below weekly minimum 1.5160.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Silver: Resistance is seen at 23.80 Trend News

Technical outlook and chart setups:

Silver is attempting a bounce back just ahead of 22.00 level for now. It is recommended to book full profits on short positions taken earlier and await for a clear bounce (to go long) or a break down (for aggressive short), to re-enter. Immediate resistance for silver is seen at 23.80 level, while support is just at sub 22.00 levels. A bounce here would see the metal rallying towards 25.00/26.00 levels, which was past support turned resistance now. While a break below 22.00 would see lower levels towards 21.45 at least. Bottom line: Remain flat for now.

Trading recommendations:

Book full profits on short positions taken. Flat for now.

Good luck!

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Gold: Resistance is at 1,440/50. Look lower for now. 1,365.00 in sight Trend News

Technical outlook and chart setups:

The metal is attempting to rally here at the moment after it bounced off 1,369.00 level yesterday. A failure to do so would bring focus again towards 1,365.00 or lower. It is recommended to book full profits on short positions taken earlier and wait for either a bounce back or break down, to re-enter. A bounce here, and a break through 1,450.00 level would see gold inching higher towards 1,500/20 levels again, which is the past support turned major resistance now. On the other hand, a push below 1,365.00 would shift focus towards the recent swing lows at 1,320.00 levels. Bottom line: Remain flat for now.

Trading recommendations:

Book profits on short positions and remain flat for now.

Good luck!

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EurJpy resistance remains at 133.00/10. Remain short for now Trend News

Technical outlook and chart setups:

The single currency pair has held resistance at 132.80/133.00 levels well. Furthermore, a potential right shoulder seems to have been carved out at 132.20 yesterday. Still a possibility remains of a 133.40 high, which is also the 0.786 retracement level from the fall from 132.75 to 131.18. It is very much recommended to remain short and add further on a rally towards 132.40 level. Resistance remains fixed at 132.80/133.00; while immediate support is at 129.50. A push below 131.18 would accelerate fall towards sub 130.00 levels, where the immediate trend line support will be met. A break of 130.00 would further see 128.50 level on lower side. Looks like a major top is in place at 132.75 for now.

Trading recommendations:

Remain short, stop is at 133.10, and target is open.

Good luck!

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GbpChf bounces off 1.4600 (potential support). Initiate long positions Trend News

Technical outlook and chart setups:

A short-term view, 4H has been presented here for smaller wave structure identification. The single currency pair has still not broken any of the trendline supports. Furthermore, immediate support at 1.4580 remains intact. It is recommended to initiate long positions now, around 1.4700/05, with a potential target round 1.49 level. Intermediary resistance is at 1.4820, followed by strong resistance at 1.5, 1.51 and higher up; while supports are through 1.4580, followed by 1.45, 1.44 on the lower side. A push through 1.48 will ensure another high at 1.49 and possibly through 1.5 levels as well. Bottom line: Looking higher for now, only a break below 1.4580 would change the scenario.

Trading recommendations:

Long now at 1.4700/10, stop is at 1.4570, and target is at 1.49.

Good luck!

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