EUR/JPY Elliott Wave analysis for June 14, 2013 Trend News

Today's support and resistance levels:

R3: 128.81

R2: 128.17

R1: 127.42

Current Spot: 126.67

S1: 126.22

S2: 125.50

S3: 124.96

Technical overview:

We are looking for a decline in wave 2 towards the ideal target at 118.73. Since the top of wave 1 at 133.81 we have seen a zigzag correction as wave-w interrupted by an x-wave and ideally we are in wave y down towards at least 123.75, where the ongoing wave y will be equal to wave w. That said we will have to consider an alternative count, in which the x-wave is not over yet. In this alternative count, the rally from 127.62 to 131.31 only was wave a of the x-wave. The decline from 131.31 to 124.95 was wave b of the x-wave and we are just entering wave c of the x-wave for a rally towards 132.51. If this count is to become our top count, we will need a break above 128.17. If however, resistance at 128.17 protects the upside for a break below 126.15 and, more importantly, below 124.96, then we can be sure, that the x-wave did end at 131.31 and wave y is ongoing for a decline towards 123.75 and possibly lower.

Trading recommendation:

We short EUR from 130.75 with a stop at 128.25, but we will also buy EUR here in the expectation of a rally to 132.51. If you do not have a position in this cross, then consider entering a short EUR position if 126.15 breaks with a stop+reversal at 128.25 or entering a long EUR position if 128.17 breaks with a stop at 126.00

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EUR/JPY Elliott Wave analysis for June 14, 2013 Trend News

Today's support and resistance levels:

R3: 128.81

R2: 128.17

R1: 127.42

Current Spot: 126.67

S1: 126.22

S2: 125.50

S3: 124.96

Technical overview:

We are looking for a decline in wave 2 towards the ideal target at 118.73. Since the top of wave 1 at 133.81 we have seen a zigzag correction as wave-w interrupted by an x-wave and ideally we are in wave y down towards at least 123.75, where the ongoing wave y will be equal to wave w. That said we will have to consider an alternative count, in which the x-wave is not over yet. In this alternative count, the rally from 127.62 to 131.31 only was wave a of the x-wave. The decline from 131.31 to 124.95 was wave b of the x-wave and we are just entering wave c of the x-wave for a rally towards 132.51. If this count is to become our top count, we will need a break above 128.17. If however, resistance at 128.17 protects the upside for a break below 126.15 and, more importantly, below 124.96, then we can be sure, that the x-wave did end at 131.31 and wave y is ongoing for a decline towards 123.75 and possibly lower.

Trading recommendation:

We short EUR from 130.75 with a stop at 128.25, but we will also buy EUR here in the expectation of a rally to 132.51. If you do not have a position in this cross, then consider entering a short EUR position if 126.15 breaks with a stop+reversal at 128.25 or entering a long EUR position if 128.17 breaks with a stop at 126.00

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Silver holds 21.20/40 support. Looking higher Trend News

Technical outlook and chart setups:

Silver has been trading sideways off late and has possible retraced to around 0.618 level at 21.20/40, of the recent rally from 20.00 to 23.00 level. It is highly recommended to hold on long positions and initiate further on dips as well. The depicted structure is indicative of a bottom formation at 20.00 level and a rally ahead, towards 25.00/26.00 levels. Immediate resistance is at 23.00 level, followed by 24.50 and higher up while supports are spread through 21.20/40, followed by 20.75 and 20.00 respectively. Looking higher for now.

Trading recommendations:

Hold long positions, stop is at 20.50, and target is at 25.00/26.00.

Good luck!

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Silver holds 21.20/40 support. Looking higher Trend News

Technical outlook and chart setups:

Silver has been trading sideways off late and has possible retraced to around 0.618 level at 21.20/40, of the recent rally from 20.00 to 23.00 level. It is highly recommended to hold on long positions and initiate further on dips as well. The depicted structure is indicative of a bottom formation at 20.00 level and a rally ahead, towards 25.00/26.00 levels. Immediate resistance is at 23.00 level, followed by 24.50 and higher up while supports are spread through 21.20/40, followed by 20.75 and 20.00 respectively. Looking higher for now.

Trading recommendations:

Hold long positions, stop is at 20.50, and target is at 25.00/26.00.

Good luck!

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Gold: Breakout towards 1,425.00 can be expected early next week Trend News

Technical outlook and chart setups:

In seems the metal has formed base at 1,365.00 level and it is bouncing back higher. The entire sideways cone structure has been depicted here, indicating that a bullish breakout is under way and it should get through around June 17th or so, towards 1,425/30 and higher up. Immediate resistance is at 1,420.00, followed by 1,450/60 and 1,488.00, while lined up immediate support is at 1,465.00 and 1,350.00, followed by 1,324.00 on the lower side. A break past 1,410 would enable breakout of the cone structure at least. It is recommended to hold long positions and buy further on dips as well. Looking higher for now.

Trading recommendations:

Hold on to long positions, stop is at 1,349.50, and target is at 1,500.

Good luck!

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GbpChf Breaks 1.44. Initiate short positions (towards the trend now) Trend News

Technical outlook and chart setups:

The single currency pair finally takes out support at 1.44, stopping our longs out. The long-term bearish structure is now represented here and back in focus. As depicted, the down trend line is being followed and the latest bounce has been from 1.48 level. Major resistance is at 1.5 level, followed by 1.51 and higher up. The rally from 1.4 level to 1.4 level could be considered as retracement of earlier down swing (1.5 to 1.4) and a possible extension is on way towards atleast 1.35 levels from here on. Supports are spread through 1.4075, 1.4030 and 1.4 respectively. It is recommended to initiate short positions now, 1.4385 and also sell rallies through 1.4400/50 levels. Looking lower from here on.

Trading recommendations:

Sell now, and rally through 1.44, stop is at 1.4650, and target is at 1.35.

Good luck!

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EurJpy targets 123.00. Initiate/hold short positions Trend News

Technical outlook and chart setups:

The single currency pair has reversed, taking out our stop at 126.00 level. It is recommended to initiate short positions with a target of 123.00 level. Immediate resistance is 129.00, followed by 131.50, 132.00 and higher up. The structure indicates a major retracement on the downside is possible now. Currently trading around 125.00 level the pair is expected to reach 123.00 and lower in coming trading sessions. Trading strategy from here on should be selling rallies towards 127.00/50. This could be a possible Head and Shoulder Reversal and looking for further bearish targets which shall be updated tomorrow. Looking lower now.

Trading recommendations:

Sell now, stop is above 129.00, and target is 123.00 and lower.

Good luck!

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Elliott Wave analysis of EUR/JPY for June 13, 2013 Trend News

Today's Support and Resistance levels:

R3: 128.16

R2: 127.58

R1: 127.09

Current spot: 126.55

S1: 126.50

S2: 125.77

S3: 125.20

Technical overview:

With the rally to 129.34, the correction from 127.10 became slightly higher than we expected, but it did not change the larger picture in any way. Currently we are testing strong support at the neckline at 126.50, but it should just be a matter of time, before this support breaks and we see a continuation lower towards 125.77 and 125.20. Our ideal target for the ongoing wave 2 is at 118.73, where wave 2 will have corrected 38.2% of wave 1 and it is also where we find the bottom of wave iv of one lesser degree. In the short term we will find resistance at 127.09, which ideally will protect the upside, but it will take a break above 128.17 to invalidate our bearish call.

Trading recommendation:

We are short EUR from 130.75 and will move our stop lower to 128.25. If you are not short EUR already, then sell close to 127.09 or upon a break below 126.50 (one order done cancels the other) with the same stop.

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