Silver searching for bottom. 17.00 seen as max downside Trend News

Technical outlook and chart setups:

Silver is searching for bottom formation/support levels. At the moment it remains at the following:

1. Past resistance turned support levels 18.50-19.20.

2. Fibonacci retracement levels of the entire rally from 08-10 to 49.00 level.

3. Fibonacci extension of the downswing from 49.00 to 34.00 level.

A bullish reversal is possible here or around 17.00 level; before the metal reverses. Watch out for a bullish reversal on higher timeframes of 4H and daily charts to enter long positions for good.

Trading recommendations:

Flat for now. Looking for bullish reversal.

Good luck!

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Gold at past congestion near 1,250.00 Trend News

Technical outlook and chart setups:

The metal is right at the congestion of the following:

1. Past resistance becoming future support at 1,250.00.

2. Fibonacci retracement (0.50) of the rally between 680.00 to 1,900.00 levels.

3. Fibonacci extensions of the down cycle from 1,900 to sub 1,500 levels.

A bullish reversal here should be bought against current lows. Another potential remains for the metal to test 0.618 retracement levels near 1,150.00 level before reversing for good. Watch out for a reversal at current levels or 1,150.00 level to enter long positions.

Trading recommendations:

Flat for now. Looking for bullish reversal.

Good luck!

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EurJpy holding line of resistance well. Remain short Trend News

Technical outlook and chart setups:

The single currency pair is testing and holding the sloping line of resistance well till now. Indications are towards a fresh low possibly to 121.00 level as depicted here. Immediate resistance is at 131.00, followed by 132.00 and 134.00 on the higher side; while support is strong at 119.00 level for now. As seen here, the outer line of support is passing through 113/114 levels. The currency pair can fall all the way towards outer line and bounce of 113/114 levels in coming days. On the flip side, if 125.00 level hold, the pair would want to push higher up and challenge 134.00 levelagain. Probabilities for now are towards the downside till downtrend line remains intact.

Trading recommendations:

Hold on to short positions, stop is at 132.00, and target is at 121.00 and lower.

Good luck!

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GbpChf bounces off 0.618. Hold long positions Trend News

Technical outlook and chart setups:

As depicted here, and discussed yesterday, the single currency pair has bounced off the Fibonacci 0.618 support ahead of 1.4300 level; of the rally between 1.4075 and 1.4800. The morning star has appeared on the daily chart view and it would hold significance from here on. It is hence recommended to hold long positions initiated with a risk below 1.4300 level. Major resistance is fixed at 1.5; while supports are spread through 1.4075 and 1.4 on the lower side. Extensions are pointing towards 1.5150 level at least; if not further up. Look to buy on intraday dips as well; till prices are above 1.43.

Trading recommendations:

Hold long positions, stop is just below 1.43, and target is open.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7055

R2: 1.70606

R1: 1.6960

Current Spot: 1.6917

S1: 1.6913

S2: 1.6846

S3: 1.6825 (Top of red wave i)

Technical overview:

We saw a new attempt to break above short-term resistance at 1.7006 yesterday, but it failed and that turned us down towards strong support at 1.6825. The support at 1.6825 marks the top of red wave i of black wave v and should not be broken, as that would leave us with an overlap between red wave i and red wave iv, which is not allowed under the Elliott Wave Principle. Therefore, we continue to expect, that support at 1.6825 will continue to protect the downside for a break above resistance at 1.6960 and, more importantly, a break above 1.7006, which should open up the upside for the final rally higher. As both red wave i and red wave iii are almost equal in length it is entirely possible that red wave v will be the extended wave. An extension in red wave v will equal the distance traveled from the bottom of red wave i at 1.6388 to the top of red wave iii at 1.7111 and will give us a possible red wave v target near 1.7550. That said we will have to stay alert for the signs of a possible top as all requirements for an impulsive rally since the 1.5080 low has been fulfilled.

Trading recommendation:

Our stop at 1.6860 was taken out for a nice profit. However, we will like to be on-board if red wave v extends. Therefore, we will buy EUR again upon a break above 1.6960 with stop at 1.6820.

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Elliott Wave analysis of EUR/JPY for June 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.14

R2: 128.68

R1: 128.45

Current Spot: 127.76

S1: 127.71

S2: 127.28

S3: 126.76

Technical overview:

We saw a new attempt to break below strong short-term support at 127.28 yesterday. This attempt failed, but it is as the downside pressure is getting stronger and stronger. A break below support at 127.28 should get things going towards the downside and indicate a new decline towards strong medium-term support at 124.96 and only a clear break below here will open up for our ideal wave 2 target at 118.73. However, as long as support at 127.28 is protecting the downside we could see a new test of the falling channel resistance just below 129.00, but it should continue protecting the upside for the break below strong short term support at 127.28.

Trading recommendation:

We are short EUR from 128.20 with stop placed at 129.25. If you are not short EUR already, then sell near 129.00 or upon a break below 127.28 with the same stop at 129.25.

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