Silver: Rally gathers pace. Initiate long positions. 22.00 immediate Support Trend News

Technical outlook and chart setups:

The metal has retraced and bounced back off 22.00 level yesterday. It was recommended to go long around 22.00 to 21.40/50, and it is still recommended to initiate long positions, towards a measured target of 25.00 levels. 22.00 is immediate support at the moment, followed by 21.45/50, 2.70/80 and then 20.00 on the lower side. Resistances are lined up from 24.00 levels, through 24.80 levels and 27.00 on the higher side. Looking into the wave structure here, the metal is poised to rally towards atleast 25.00 levels from here on. The risk initially would be higher for stop losses but would be revised soon. Looking higher for now.

Trading recommendations:

Remain long, initiate fresh long positions as well (22.50/60), stop is below 21.30, and target is at 25.00.

Good luck!

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Gold rally should accelerate towards 1,500/20. Stay long Trend News

Technical outlook and chart setups:

The metal had retraced 1,360.00 level and bounced off sharply as discussed and recommended yesterday. Short positions could have been covered and long positions initiated around 1,370.00 level. It is still recommended to initiate long positions now (1,385.00) or during intraday dips. The metal seems to have bottomed out for good at sub 1,340.00 level now, and the rally after that has confirmed the same. Yesterday's low at 1360.00 level would act as immediate support followed by 1,340.00 and 1,320.00 respectively; while resistances are lined up from 1,450.00 level, through 1,488.00. Looking into the wave structure here, the metal should accelerate higher towards at least 1,500/20 levels from here on. Looking higher from here, remain long.

Trading recommendations:

Remain long, buy on dips stop is below 1,335.00, and target is in the range 1500/25.

Good luck!

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EurJpy takes out 133.00 resistance. Flat for now Trend News

Technical outlook and chart setups:

The single currency pair has broken out pennant formation as discussed yesterday and has again produced a bullish break. The 133.00/10 resistance has now been taken off and we have been stopped out; it is recommended to remain flat for now. As depicted here, the wave structure extends to 135.00 level on the higher side from here on. Immediate support is at 131.00, followed by 129.00; and till the time prices stay above 131.00, bulls shall stay very much in control and print higher highs. Buying on dips towards 132.70/80 levels could be recommended but risk would be below 131.00. Conservative traders should remain flat for now and look to sell on a reversal confirmation.

Trading recommendations:

Flat for now. Aggressive traders could go long on dips towards 133.00/132.70/80, stop is at 131.00, and target is at 135.00.

Good luck!

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Elliott Wave analysis of EUR/NZD for May 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5924

R2: 1.5885

R1: 1.5851

Current spot: 1.5835

S1: 1.5820

S2: 1.5764

S3: 1.5728

Technical overview:

As we saw a break below support at 1.5744, we needed a little detour to 1.5702 before we saw the next move higher. With the break above resistance we should now see an increasing upside pressure. We are looking for support at 1.5820 to protect the downside for a break above 1.5854, which will confirm the next test of resistance at 1.5924, but this time we should see a clear break above this resistance for a continuation higher towards 1.6481. However, if support at 1.5820 is broken it will delay the rally higher for a slightly deeper correction towards 1.5764 before the next rally higher.

Trading Recommendation:

We are long EUR from 1.5790. We will move our stop higher to 1.5695. If you are not long EUR already the buy a break above 1.5854 with the same stop.

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Elliott Wave analysis of EUR/JPY for May 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 134.00

R2: 133.54

R1: 132.77

Current spot: 132.42

S1: 132.22

S2: 131.94

S3: 131.55

Technical overview:

It finally seems as we are going to see the last part of the rally towards the ideal target near 134.47. Over the last week a small wave iv of 5 triangle was developing and we saw the start of the thrust towards the upside. In the short term we are looking for support near 132.32 to protect the downside for a break above resistance at 132.77, which will open the upside for a continuation higher towards 133.54 and 134.47 as the ideal target. As we expect this to be the final rally higher, we will move our stops as close as possible and look for sings, that the entire rally since the 94.10 low is coming to an end.

Trading recommendation:

We are long EUR from 132.15 and will move our stop to break-even. Our take profit + revers of the position is placed at 134.20.

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