Silver continues trade in the range. Expect break above 23.00 soon Trend News

Technical outlook and chart setups:

The metal continues to drift sideways between 22.00 (Support) and 23.00 (Resistance) since several trading sessions. It is recommended to hold long positions taken earlier, but fresh long positions could be taken on a break above 23.00 level, which should be expected soon enough. Immediate resistance is at 23.00, followed by 24.00 and higher up; while immediate support is at 22.00, followed by 21.30/40, 20.75 and lower. Range trading is also recommended by selling the resistance and buying the support, for scalping. Breakout should be traded in the same direction.

Trading recommendations:

Hold on to long positions taken earlier, stop is at 20.50, and target is open.

Good luck!

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Gold breaks cone consolidation. 1,450.00 in sight now Trend News

Technical outlook and chart setups:

The metal is finally out of the cone consolidation as depicted here. 1,405/06 levels should now act as support for Gold. Immediate support is at 1,390.00 level, followed by 1,370.00, 1,340/50 and 1,324.00, while resistance is now lined up through 1,440/50, followed by 1,488 and higher up. The whole wave structure could be possible unfolding into a 3 wave correction towards 1,500/25 levels in the sessions to come. It is recommended to hold long positions and buy further on dips towards 1,405/06 levels. Looking higher for now.

Trading recommendations:

Hold on long positions, stop is at 1,380.00, and target is at 1,500/25.

Good luck!

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Gold breaks cone consolidation. 1,450.00 in sight now Trend News

Technical outlook and chart setups:

The metal is finally out of the cone consolidation as depicted here. 1,405/06 levels should now act as support for Gold. Immediate support is at 1,390.00 level, followed by 1,370.00, 1,340/50 and 1,324.00, while resistance is now lined up through 1,440/50, followed by 1,488 and higher up. The whole wave structure could be possible unfolding into a 3 wave correction towards 1,500/25 levels in the sessions to come. It is recommended to hold long positions and buy further on dips towards 1,405/06 levels. Looking higher for now.

Trading recommendations:

Hold on long positions, stop is at 1,380.00, and target is at 1,500/25.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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EurJpy hits target at 127.50. Book profits for now Trend News

Technical outlook and chart setups:

The single currency pair has hit our first measured extension level at 127.50. It is recommended to book profits for now and remain flat. Looking into the momentum here, it is quite possible that the single currency pair moves towards the next extension levels directly from here. The next lined up support is at 124.00 and the extensions are pointing towards 123.00. Aggressive traders could hold some of the short positions for a downside target of 123.00. Immediate resistance is at 132.00 and higher up around 134.00. Selling rallies towards 130.00 level should be preferred trading strategy from here on. Flat for now.

Trading recommendations:

Book profits on short positions. Flat for now.

Good luck!

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GbpChf testing support of 1.44. Hold on long positions Trend News

Technical outlook and chart setups:

The single currency pair is testing immediate support around 1.44 region as depicted here. A sustained 1.44 here would enable the pair to stage an impressive rally towards 1.51 level in the sessions to come. On the other hand, a break below, would shift focus towards selling rallies, against 1.47. It is recommended to remain long for now at least. Immediate support is 1.44, followed by 1.4075 and lower, while resistance is at 1.47, followed by 1.48 and 1.5 on the higher side. If 1.44 level remains intact, the pair is unfolding a 5 wave rally towards 1.51/1.52 levels.

Trading recommendations:

Remain long, stop is at 1.4350, and target is open.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 7, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6780

R2: 1.6739

R1: 1.6663

Current spot: 1.6642

S1: 1.6591

S2: 1.6539

S1: 1.6472

Technical overview:

As it is typical for a wave three, it just keeps moving higher and higher leaving everybody looking for a correction with a loss. Even though this market seems overbought we should expect even more from it. As we expected green wave v is extending and we should look for a continuation higher towards 1.6739 as the top of green wave v and blue wave iii, but after only a shallow correction the next move higher will take place. It might be tempting to try to sell near 1.6739, but we do not recommend it, as we should not expect much of the next correction and, therefore, the risk of taking a loss is high and worse the risk of seeing the train without you on board is equally high. In the short term we are looking for support at 1.6591 to protect the downside for the next swing higher towards 1.6739. Only a break below 1.6539 will indicate that we have seen the top of blue wave iii and blue wave iv is developing.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop higher to 1.6385. If you are not long EUR already then wait for the possibility to buy EUR near 1.6500 as blue wave iv develops.

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Elliott Wave analysis of EUR/JPY for June 7, 2013 Trend News

Today's Support and Resistance levels:

R3: 128.77

R2: 128.46

R1: 128.13

Current spot: 127.79

S1: 127.46

S2: 127.15

S3: 126.68

Technical overview:

Our second resistance at 130.60 did the job well and turned prices back down again in wave iii and we should be looking for 127.15 as the first target. However, we should see more downside after a shallow correction towards 128.51 and maybe even 128.91 before the next decline to at least 126.57 and possibly even lower to 126.11, which should make the bottom of wave iii. That said we should remember, that target for this major wave 2 is at 118.73, where wave 2 will have corrected 38.2% of wave 1.

Trading recommendation:

We are short EUR from 130.19 and will move our stop lower to 129.45. If you are not short EUR already, then wait for the possibility to sell near 128.51 with a stop at 129.45.

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