EUR/NZD Elliott Wave analysis for June 6, 2013 Trend News

Today' s support and resistance levels:

R3: 1.6667

R2: 1.6626

R1: 1.6562

Current spot: 1.6525

S1: 1.6464

S2: 1.6392

S3: 1.6327

Technical overview:

We got a daily close above resistance at 1.6358 . We are also see even more acceleration towards the upside. With the close above resistance at 1.6358, we now have a new upside target at 1.7751, but we could easily move the way beyond this target in the longer term. As we have seen the acceleration higher getting even stronger, we are a little in doubt if green wave v is extending or we already are in blue wave v. It does not matter much for we shall see even more upside progress in this wave iii towards 1.6739 and possibly even higher towards 1.7045, before wave iii is done. In the short term, we would like to see support at 1.6464 protecting the downside, but, more importantly, support at 1.6392 protecting the downside. A break below 1.6392 will indicate that we have seen an extension in green wave v and blue wave iv is developing before blue wave v takes over.

Trading recommendation:

We long EUR from 1.5790 and will move our stop higher to 1.6220. If you do not have long positions on EUR already, buy near 1.6392 or upon a break above 1.6562 with the same stop.

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EUR/JPY Elliott Wave analysis for June 6, 2013 Trend News

Today's support and resistance levels:

R3: 130.65

R2: 130.31

R1: 130.06

Current spot: 129.94

S1: 129.42

S2: 128.80

S3: 128.05

Technical overview:

We have seen a slight break below support at 129.46, but we are looking for even more acceleration towards the downside, as a possible wave iii of C is progressing for a decline towards at least 128.80 and likely even down to 127.19. In the short term, we would like to see resistance at 130.31 to protect the upside for the next break below 129.42 confirming the next decline towards 128.80. However, even a rally towards 130.65 would not invalidate our bearish call, but we should not break above 130.65 as that would call for a new test of resistance at 131.40 before going down again.

Trading recommendation:

We short EUR from 130.19 with stop placed at 131.45. If you do not have short positions on EUR already, then sell near 130.31 or upon a break below 129.42 with the same stop.

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EUR/JPY Elliott Wave analysis for June 6, 2013 Trend News

Today's support and resistance levels:

R3: 130.65

R2: 130.31

R1: 130.06

Current spot: 129.94

S1: 129.42

S2: 128.80

S3: 128.05

Technical overview:

We have seen a slight break below support at 129.46, but we are looking for even more acceleration towards the downside, as a possible wave iii of C is progressing for a decline towards at least 128.80 and likely even down to 127.19. In the short term, we would like to see resistance at 130.31 to protect the upside for the next break below 129.42 confirming the next decline towards 128.80. However, even a rally towards 130.65 would not invalidate our bearish call, but we should not break above 130.65 as that would call for a new test of resistance at 131.40 before going down again.

Trading recommendation:

We short EUR from 130.19 with stop placed at 131.45. If you do not have short positions on EUR already, then sell near 130.31 or upon a break below 129.42 with the same stop.

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AUD/USD - Buy above 0.9598 - for June 05, 2013 (daily strategy) Trend News

The Australian dollar has been under downward pressure. The pair has been one of the currencies with a great capacity for recovery. But now it is struggling to recover and leave the 0.9598 area. If you look at the graph, this level includes weekly pivot point. If we talk discuss this level, in September 2011, the prices were pushed up over 1000 pips. Therefore we recommend buying, if the pair is above these price levels. Yesterday we said the pair Australian dollar had earlier left a gap at 0.9566 and that its goal was to fill this gap. Today in the European session the pair managed to completely cover this level. So we should expect in 4H charts a close above 0.96.

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

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AUD/USD - Buy above 0.9598 - for June 05, 2013 (daily strategy) Trend News

The Australian dollar has been under downward pressure. The pair has been one of the currencies with a great capacity for recovery. But now it is struggling to recover and leave the 0.9598 area. If you look at the graph, this level includes weekly pivot point. If we talk discuss this level, in September 2011, the prices were pushed up over 1000 pips. Therefore we recommend buying, if the pair is above these price levels. Yesterday we said the pair Australian dollar had earlier left a gap at 0.9566 and that its goal was to fill this gap. Today in the European session the pair managed to completely cover this level. So we should expect in 4H charts a close above 0.96.

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

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Silver within sideways territory of 22.00- 23.00. Awaiting breakout Trend News

Technical outlook and chart setups:

There is no change from several trading days. It remains locked within the support-resistance boundary at 22.00-23.00 respectively. The trading game of support (buy) and resistance (sell) could be played out well here. It is recommended to remain long on positions taken earlier, but fresh long positions could be taken above 23.00 or around 21.20/40, on a retracement lower. The overall structure depicts that a possible low is formed at 20.00 region and the metal should be looking higher from there levels. Maximum retracement possible is around 20.70 a d 21.20/40. Buying on dips is recommended. Immediate resistance is 23.00 level and a break above that would raise through 24.00/25.00 levels easily.

Trading recommendations:

Remain long, stop is at 20.50, and target is open.

Good luck!

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Gold remains bullish above 1,370.00 Trend News

Technical outlook and chart Setups:

The structure remains unchanged from what was discussed yesterday. The metal may be preparing for a bullish break above 1,420.00 level, in the coming sessions. It is still recommended to remain long and buy intraday dips as well. Immediate support is seen at 1,370.00 level, followed by 1,350/40 and 1,324.00; while resistance is seen at 1,420.00, followed by 1,450/60, 1,488.00 and higher up. At the moment, Gold is consolidating in a cone pattern and is probably in its 4th leg down. A 5th leg up should probably break out of the cone structure. The entire rally from 1,324.00 could be unfolding into a 3 wave correction towards 1,500/25 levels before the next major down move begins.

Trading recommendations:

Remain long, stop is at 1,369.50, and target is open.

Good luck!

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EurJpy reverses again at resistance ahead of 132.00. Hold on short positions Trend News

Technical outlook and chart setups:

The single currency pair bounces off right at the sloping line of resistance and reverses sharply yesterday as depicted here. Currently the rate is trading below 130.00 level, it is highly recommended to remain short and add further on rallies, during the day. Resistance is fixed at 132.00 and 133.80/134.00; while supports are spread through 129.00 level, followed by 127.00 respectively. The minimum measured downside extensions are pointing towards 127.00/50 at least. The current wave structure would remain bearish, till prices are below 132.00. Looking lower for now.

Trading recommendations:

Hold on to short positions, stop is at 134.00, and target is at 127.50.

Good luck!

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GbpChf bounces off support ahead of 1.44. Hold long positions Trend News

Technical outlook and chart setups:

The single currency pair has rallied just ahead of critical support of 1.44. It is recommended to hold on to long positions here in anticipation of a wave 5 rally that extends till 1.51 at least. Major resistance is still fixed at 1.5 level, followed by 1.51, 1.52; while immediate support is at 1.44, followed by 1.4075 and lower. As discussed yesterday, the overall wave structure looks like attempting to unfold in 5 waves, which is constructive for bulls. Immediate resistance levels to watch out for are 1.47 and 1.48. A push higher than that would bring 1.51 into focus. On the other hand, failure at 1.47 would be delaying matters ahead. Looking higher for now.

Trading recommendations:

Hold on to long positions, stop is at 1.4350, and target is open.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 5, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6452

R2: 1.6394

R1: 1.6328

Current spot: 1.6323

S1: 1.6278

S2: 1.6238

S3: 1.6194

Technical overview:

As we expected a new high has been made and we are still looking for new highs to be made as wave iii unfolds. Currently we are about to end green wave v near 1.6452, but that would only end blue wave iii and after a small sideways correction we shall see new highs. As we are in wave iii it should be expected that the corrections will be small and even sub-normal. Yes, one can be lucky from time to time a make a profit during the corrections, but the risk is that you are left standing at the train station when the train has left. The big profit is made in the direction of the trend, which is clearly up here. When looking at the larger picture, we would like to see a daily and, even better, a weekly close above 1.6358, which will call for a continuation higher towards at least 1.7751 in the long term.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop slightly higher to 1.6120. If you are not long EUR already, then buy a break above 1.6328 with the same stop.

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Elliott Wave analysis of EUR/JPY for June 5, 2013 Trend News

Today's Support and Resistance levels:

R3: 131.00

R2: 130.71

R1: 130.57

Current spot: 130.42

S1: 130.19

S2: 129.93

S3: 129.46

Technical overview:

The rally of the 129.46 low became much higher than we expected, but even a test of 131.40 does not change the larger picture. We are still in a major wave 2 correction from 133.81 and the ideal target for this correction is at 118.73, where wave 2 will have corrected 38.2% of wave 1. The big question is how do we get done to 118.73? Corrections very seldom unfolds in a simple and easy way.

We think the best way to make this detour to 131.40 will be as a wave ii of C and if this count is correct we should expect acceleration towards the downside very soon and we will not like to stand on the sideline, while wave iii unfolds as this is where the best part of the decline shall be found. The minimum target for wave iii is at 128.80, but we think that an extension in wave iii will be more likely and that would call for a decline to 127.19 if not lower. In the short term we expect resistance at 130.71 to protect the upside.

Trading recommendation:

Our stop at 131.20 was taken out for a nice little profit, but we will sell EUR again at 130.65 or upon a break below 130.19 with a 131.45 stop.

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