Silver remains good buy at 21.50/60 Trend News

Technical outlook and chart setups:

The structure remains unchanged for the metal yet. It is recommended to remain long for now and also look to add on intraday dips. The metal is bounding off the 0.618 Fibonacci support level at 21.30/40 and is expected to reach 24.50 at least in the sessions to come. Supports are spread through 20.75 and 20.00 levels; while resistance is spread through 23.00, 24.00 and higher up. The overall structure after printing lows at 20.00 level is unfolding as at least an ABC correction at the moment; which could extend to 24.50 and higher. Looking higher for now.

Trading recommendations:

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

Good luck!

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Gold seems to form base at 1,380.00 level Trend News

Technical outlook and chart setups:

The metal seems to be forming base at around 1,378/80, which is Fibonacci 0.618 level for the recent rally from 1,340.00 to 1,425.00. 1,373.00 and 1,355.00 are immediate support levels, while 1,425.00, 1,450/60 are levels of resistance now. A bullish bounce here is expected to take prices to 1,465.00 and 1,500.00 levels in the near term. The recent weekly lows printed by Gold and Silver are diverging, indicating that a bottom formation is near. It is recommended to hold long positions for now with a stop below 1,350.00 for now. Looking higher above 1,350.00.

Trading recommendations:

Hold long positions for now, stop is at 1,349.50, and targets are at 1,465.00 and 1,500.00

Good luck!

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EurJpy: Immediate resistance at 132.00 Trend News

Technical outlook and chart setups:

The single currency pair has bounced off the lows at 126.00 level sharply. The implications are as follows:

1. A high possibility remains that the currency pair has bottomed out and is ready to print fresh highs above 134.00. This would be confirmed on a break of 132.00 level, which is immediate resistance at the moment.

2. The sloping trend line continues to act as resistance and the pair slides off current levels by producing bearish trade signal.

3. Support is 126.00 and 124/123 respectively.

Trading recommendations:

1. If 132.00 is broken we shall look to buy on dips towards 129.00/130.00.

2. On a bearish reversal now, look to sell with stop above 132.00.

Good luck!

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EurJpy: Immediate resistance at 132.00 Trend News

Technical outlook and chart setups:

The single currency pair has bounced off the lows at 126.00 level sharply. The implications are as follows:

1. A high possibility remains that the currency pair has bottomed out and is ready to print fresh highs above 134.00. This would be confirmed on a break of 132.00 level, which is immediate resistance at the moment.

2. The sloping trend line continues to act as resistance and the pair slides off current levels by producing bearish trade signal.

3. Support is 126.00 and 124/123 respectively.

Trading recommendations:

1. If 132.00 is broken we shall look to buy on dips towards 129.00/130.00.

2. On a bearish reversal now, look to sell with stop above 132.00.

Good luck!

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



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GbpChf holding 1.44. Stay long for now Trend News

Technical outlook and chart setups:

The single currency pair has held support of 1.44 level well till now. Having tested the immediate support, the pair has bounced off the 1.45 mark for now. It is recommended to stay long as long as the prices are above the 1.44 mark comfortably. Support levels are spread through 1.4075 and lower from here; while resistance is fixed at 1.5 level (major). Immediate resistance levels are 1.47 and 1.48 mark. A rally past 1.46/1.47 now, would confirm that the pair is headed towards 1.5 level at least. We can expect major correction after that. Looking higher for now.

Trading recommendations:

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

Good luck!

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



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GbpChf holding 1.44. Stay long for now Trend News

Technical outlook and chart setups:

The single currency pair has held support of 1.44 level well till now. Having tested the immediate support, the pair has bounced off the 1.45 mark for now. It is recommended to stay long as long as the prices are above the 1.44 mark comfortably. Support levels are spread through 1.4075 and lower from here; while resistance is fixed at 1.5 level (major). Immediate resistance levels are 1.47 and 1.48 mark. A rally past 1.46/1.47 now, would confirm that the pair is headed towards 1.5 level at least. We can expect major correction after that. Looking higher for now.

Trading recommendations:

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

Good luck!

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



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Elliott Wave analysis of EUR/NZD for June 10, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6961

R2: 1.6921

R1: 1.6881

Current Spot: 1.6837

S1: 1.6781

S2: 1.6726

S3: 1.6678

Technical overview:

The wave 3 rally just keeps moving higher and higher. It is most likely we have ended green wave v and blue wave iii at 1.6687 and after a very small and brief blue wave iv we saw the next move higher in blue wave v, which when it ends near 1.6921 or maybe even first at 1.7053 only will end red wave iii. As we said trying to sell EUR looking for a deeper correction could easily leave you with a loss and no chance to get onboard the train higher again. In the short term we are looking for support at 1.6726 and 1.6678 to protected the downside for the rally higher towards 1.6921 and 1.6961 as the next small targets.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop higher to 1.6550. If you are not long EUR yet then possible potential in this rally is deminising quickly, but we still recommends buying EUR near 1.6678 with the same stop at 1.6550.

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Elliott Wave analysis of EUR/JPY for June 10, 2013 Trend News

Today's Support and Resistance levels:

R3: 130.88

R2: 130.36

R1: 129.98

Current Spot: 129.52

S1: 129.18

S2: 128.58

S3: 128.21

Technical overview:

With a low at 126.11 we saw a very slight break below our target at 126.15, but the following rally has broken above the bottom of wave i at 129.41 and, therefore it cannot be wave iv of c. Therefore, we have changed our count slightly to a finished wave c and W at 126.11 and we are now in a X-wave towards 130.36 and possibly even 130.88 before the next decline towards our major wave 2 target near 118.73. In the short term we are looking for support in the 129.10 - 129.20 range for the rally higher to 130.36 and possibly even 130.88 before the next decline sets in. A break below 128.79 confirms that the X-wave is over and the second zig-zag correction has begun.

Trading recommendation:

Our stop at 129.45 was hit for yet another nice little profit. We are now looking to re-sale EUR at 130.75 or upon a break below 128.58 with a stop at 131.45.

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